Manitoba Insurance Council accepting applications for Restricted Insurance Agent licence
Sellers of incidental insurance in Manitoba will have to be licensed as of June 1, 2015.
“Incidental insurance” is insurance sold to consumers, alongside another product, for example, creditor life and disability insurance sold through banks and credit unions, in conjunction with securing a mortgage or loan.
IFB has long taken the position that sellers of such insurance should be licensed and subject to a regulatory regime for the protection of the consumer. IFB is pleased that Manitoba joins Saskatchewan and Alberta in requiring sellers to hold a Restricted Insurance Agent licence.
The Insurance Council is accepting applications now, and suggests applicants apply before April 30th to ensure their license is issued by the June 1st deadline. Licences will need to be renewed annually and will cost between $150 and $5500 per year, depending on the number of employees.
For more information, go to the Insurance Council of Manitoba website or click here.