ARTICLE
23 November 2023

Changes To Licensing Required For Insurance Intermediaries Conducting Business In The Yukon

D
Dentons

Contributor

This past summer, the Yukon Professional Licensing and Regulatory Affairs (the Yukon Regulator) launched a new insurance agency licence (Agency Licence) for insurance intermediaries...
Canada Insurance
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This past summer, the Yukon Professional Licensing and Regulatory Affairs (the Yukon Regulator) launched a new insurance agency licence (Agency Licence) for insurance intermediaries conducting business in the Yukon. Historically, the Yukon Regulator only issued insurance agent licences to individuals conducting insurance agent business on behalf of insurance intermediaries (meaning insurance agencies or managing general agents) in the Yukon.

All insurance intermediaries already represented by a licensed insurance agent in the Yukon at the time of the introduction of the Agency Licence, such intermediaries, were automatically issued Agency Licences by the Yukon Regulator (which we understand expires September 30, 2024). However, any insurance intermediaries that are not currently represented by a licensed insurance agent in the Yukon, and who plan to seek licensing in the Yukon, must apply for an Agency Licence.

Insurance intermediaries automatically granted an Agency Licence should still ensure they structure their respective operations in the Yukon to align with the new Agency Licence requirements (including having the proper errors and omissions insurance and engaging a designated representative, if not already done).

Further particulars regarding how to apply for an Agency Licence are found online here.

The following is a brief summary of the Agency Licence requirements and application process in the Yukon.

How to apply:

The application can be completed online through the website of Yukon Regulator. We also recommend consulting the above-noted licensing website and portal, as it contains further information required as part of the Agency Licence application (in addition to the requirements listed below), and the contents of this publication should not be relied upon as a comprehensive listing of all information to consider with respect to seeking or maintaining an Agency License.

Classes of licences available

There are three classes of Agency Licence available: (i) life, accident, and sickness; (ii) accident and sickness; and (iii) general.

Eligibility for an Agency Licence

The insurance intermediary must be (i) sponsored by an insurer licensed in the Yukon (ii) be registered with the Government of Yukon's Corporate Affairs Branch (Yukon's corporate registry) and (iii) have a designated representative who is licensed in the Yukon (depending on the classes of insurance attached to a licence, an insurance intermediary may have more than one designated representative to support the applicable classes of licensing held).

Documents that must be included in the Agency Licence application

The following information must be included in the licensing application (these items are uploaded through the online application portal):

i. Proof of business registration with the Government of Yukon's Corporate Affairs Branch;

ii. A certificate of errors and omissions insurance in the name of the insurance intermediary (including any applicable business names) containing minimum coverage of CA$500,000 per claim, and coverage of CA$1,000,000 in the aggregate. Such coverage must extend to all insurance activities of the insurance intermediary;

iii. Valid government issued photo identification for all owners, business partners and directors of the insurance intermediary; and

iv. If the Yukon is not the insurance intermediary's home jurisdiction, then proof of licensing in the insurance intermediary's home jurisdiction must be provided.

About Dentons

Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries. www.dentons.com

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Specific Questions relating to this article should be addressed directly to the author.

ARTICLE
23 November 2023

Changes To Licensing Required For Insurance Intermediaries Conducting Business In The Yukon

Canada Insurance

Contributor

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