The Financial Services Regulatory Authority of Ontario (FSRA) announced June 30 that the regulator is actively “assessing and operationalizing” new changes to its licensing regime for out-of-province agents.
They say beginning July 1, 2025, “applicants with an equivalent license from other jurisdictions will now get an express line to licensing in Ontario. This means financial services professionals who hold an equivalent license in reciprocating jurisdictions would be allowed to do business in Ontario, almost immediately, even while they’re waiting for their Ontario license to be approved,” FSRA states. “Regulations to further support these amendments are still being developed.”
Enabled by new legislation, Protect Ontario Through Free Trade Within Canada Act 2025, which received Royal Assent in early June, the new process differs from the existing out of province licensing process by allowing agents to start work once FSRA has received proof of a valid out-of-province license. Agents will also be given six months to complete any outstanding licensing requirements.
For those applying to hold a life and accident & sickness license in Ontario, for example, may do so without completing the education requirements, with some exceptions – those applying from Quebec must complete additional education, the amount of which is determined by the type of license the agent currently holds and when they completed their Life License Qualification Program (LLQP) courses.
New life agents with less than two years of experience must be sponsored by an Ontario-licensed insurer who is responsible for confirming that the agent meets all licensing requirements. Those with more than two years of experience may apply with a letter from their home province’s regulator as proof of licensure. The fee to apply is $170 for two years. Life agents licensed in Ontario must also maintain errors and omissions (E&O) insurance.
General insurance agent’s license applicants, meanwhile, are still required to complete Ontario’s auto insurance exam. (Those holding an equivalent license in good standing from a different jurisdiction may be exempt from completing the Other Than Life agent’s exam but must still take the auto insurance exam.) All general insurance agents in Ontario are required to be sponsored by a licensed insurer at all times.
The fee to apply for an Ontario license is $150. Interested applicants must provide a letter of status from their home province’s regulator – FSRA encourages agents to do this prior to applying for an Ontario license.
