Insurance agents who want to surrender their licence will need to submit an application to the Financial Services Regulatory Authority of Ontario (FSRA).
The following instructions apply to life and accident & sickness agents, accident & sickness agents and general agents.
About surrendering licences
If you no longer need your licence to conduct insurance business, you will need to apply to surrender your licence by submitting an application to FSRA. If your request is approved, this process will end your obligations to maintain all requirements (e.g., errors and omissions insurance) and ensure you exit the insurance business properly.
What is FSRA’s role?
FSRA’s licensing team will review your application to make sure the surrender is in the public’s best interest.
The licensing team will consider a number of factors, including:
- Are there any current disciplinary actions, outstanding complaints or investigations under way?
- Do you need to pay any administrative monetary penalties?
The licensing team may propose that you can surrender your licence but impose some conditions. In rare instances, the licensing team may reject an application if there are serious concerns. If you disagree with the decision, you can request a hearing before the Financial Services Tribunal.
Effective date for the surrendered licence
It is important to keep in mind that your licence is not officially surrendered until the FSRA licensing team approves your application. You will receive a confirmation email once it is approved. Until then, you will need to continue to maintain all licensing requirements.
Surrendering multiple types of licences
If you hold more than one type of insurance licence, you will need to submit separate applications for each licence.
How to reinstate your licence after surrendering it
If you want to sell insurance again in the future, you can apply to reinstate your licence. The process will depend on the date your surrendered licence application was approved (i.e., the surrender date).
- If it has been less than two years since the surrender date, you can reinstate your licence.
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If you held a life and accident & sickness licence |
Go to Reinstate my life and accident & sickness insurance licence |
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If you held an accident & sickness licence |
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If you held a general licence |
- If it has been more than two years since the surrender date, you will have to requalify as a new agent.
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If you held a life and accident & sickness licence |
Go to Apply for a new life and accident & sickness insurance licence |
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If you held an accident & sickness licence |
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If you held a general licence |
Ready to surrender your licence?
Follow these steps to submit the application to surrender your licence:
1. Download the Application for Surrender of an Insurance Agent Licence.
- Right click on the link and choose Save link as to download the PDF to your computer or drive.
2. Fill out the application electronically and email it to [email protected]
3. FSRA will send you a confirmation email once the licensing team has completed its review, which should take approximately 10 business days. The three possible outcomes are:
- Your application is approved.
- Your application is approved with conditions.
- Your application is rejected. Note: this happens in rare cases where there are serious concerns.
4. Until you receive an email confirmation that your application is approved, continue to maintain all requirements for your licence, including E&O insurance if you hold a life and accident & sickness licence.