Manitoba licensed insurance agents are now required to have an endorsement that covers fraud and dishonest acts as part of their mandatory errors and omissions insurance.
The amendment to the Insurance Agents & Adjusters Regulation was implemented on May 31, 2010, but allows for a one-year transition period.
"It is important to note that a transition period of one year will apply, as we recognize that the effective date of agents' individual errors and omissions policies vary," the Insurance Council of Manitoba said in its July 2010 report.
"All licensed agents will therefore be required to have fraud and dishonest acts included as a mandatory requirement of their errors and omissions insurance by no later than May 31, 2011."
Since April 2001 all licensed insurance agents have been required to maintain professional liability insurance to the minimum standards outlined under the regulations, the council noted.