To make it easier for insurance advisors to notify the Financial Services Commission of Ontario (FSCO) of any changes to their errors and omissions (E&O) insurance information, the regulator has added two new features to its Licensing Link portal. Agents can now update their E&O insurance information online, and they will also receive a reminder before their policies expire.
"Licensing Link has been enhanced so that life insurance agents can now update their E&O insurance information online 24 hours a day, 7 days per week," says FSCO. "This new feature makes it faster and easier for life insurance agents to notify FSCO of any changes to their E&O insurance policies, as it eliminates the need to provide this information to FSCO by mail, telephone or email."
Beginning this month, Ontario-licensed life insurance agents will also receive an automatic reminder email from the Licensing Link system when their E&O insurance policy is about to expire. "This reminder email is based on the E&O insurance expiry date that was provided by the agent to FSCO when the agent applied or last renewed his/her licence," says the regulator. "This new feature will help ensure that life insurance agents are aware of their insurance policy’s expiration date."
