Canadian Underwriter

Insurance Council of Manitoba recommends restricted license as way to regulate incidental sales of insurance

July 7, 2011   by Canadian Underwriter

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The Insurance Council of Manitoba is recommending to the Government of Manitoba that the incidental sale of insurance be regulated by way of a restricted insurance agent license.
The approach is similar to that taken in Alberta and Saskatchewan.
Under the council’s proposed regulatory framework, organizations eligible for a restricted licence to sell insurance products include, among others:
•deposit-taking institutions;
•financial corporations;
•mortgage brokers;
•operators of travel agencies, auto or marine dealerships, customs brokerages and freight forwarding businesses;
•transportation companies;
•funeral services businesses;
•real estate agencies; and
•car or truck rental agencies.
The classes or types of insurance to which a restricted insurance agent licence applies include:
•cargo type insurance;
•creditor’s disability insurance;
•creditor’s life insurance;
•creditor’s loss of employment insurance;
•creditor’s vehicle inventory insurance;
•equipment insurance;
•export credit insurance;
•mortgage insurance;
•personal life insurance; and
•travel insurance.
A person applying for a restricted licence must provide a written recommendation from an insurer recommending the issuance of the restricted licence, proof of a valid errors and omissions insurance policy and have reasonable and demonstrable policies and procedures in place, among other things.
The full proposed regulatory framework can be found at:

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