Do you sell insurance related products in your course of business? Car dealers, travel agents, freight forwarders, electronics sales — many businesses sell credit, travel and other insurance products.
RIA Definition: a person or entity that, in the course of selling or providing goods or services to its customers or clients, sells, negotiates or arranges insurance, or offers to sell, negotiate or arrange insurance, that relates to those goods or services.
Insurance Councils of Manitoba, Saskatchewan and Alberta require your business to carry a Restricted Insurance Agents (RIA) licence to be compliant to sell these products. As part of your licensing process, you are required to carry Errors and Omissions Insurance and provide proof along with your licence application or renewal.
MIG Insurance offers a unique RIA E&O insurance policy built specifically for this.
Following is a list of businesses affected by this new legislation:
Annual licence renewals are required to be submitted for processing prior to the deadline of June 1st each year. Your licence will not be valid until processed and posted by your provincial council.
Buy the RIA Errors and Omissions Insurance you need, right now, right here. Our easy to complete form will guide you through the coverage you require depending on your type of business.
Once completed, we will email your receipt and policy documents right away, ready to submit to the Council.