Life and Accident & Sickness Information
- Please refer to the User Guides when wishing to apply for a licence - this applies to all amendments, reinstatements, new applicants, late renewals (classified as a reinstatement), or those wishing to apply for a supplementary licence (additional licence).
Individuals who qualify are former licensees who last held a licence within the past 12 months. Former licensees who held a licence over 12 months ago would not qualify for a reinstatement, and would be considered “NEW” applicants.
There are two (2) types of reinstatements:
- Reinstatement for a former licensee who last held a Manitoba licence within the same insurance class within this licence year but the licence has since been cancelled.
OR - Reinstatement and Renewal for a former licensee who last held a Manitoba licence within the same insurance class in the prior licence year but within the past 12 months.
Steps to apply for a reinstatement include the following:
- Full completion of the online “reinstatement” application form – login to the Online Portal, and follow the steps in the User Guide – to Reinstate a Licence for assistance.
- The reinstatement fee of $70.00 must be paid within the online application by credit card (VISA or MASTERCARD only).
- All other items as outlined within the quick checklist in the User Guide – to Reinstate a Licence. Please note that criminal record checks are NOT required for reinstatement purposes unless the former licensee’s criminal history has changed (not applicable to Restricted Insurance Agents).
- Additional items required for “Reinstatement and Renewal” (those who failed to renew by May 31 – within 12 months):
- The annual licence fee (fees are outlined within the fee schedule) – only required when reinstating and renewing the licence, and must be paid within the online application by credit card (VISA or MASTERCARD only); and
- Entry of the annual Continuing Education (CE) hours in the online portal (not applicable to Hail agents, Restricted Insurance Agents or non-residents residing in a Canadian jurisdiction that has CE requirements in the agent’s home jurisdiction). Refer to the information in the User Guide – Instructions to enter your continuing education credits to assist you with entering these credit hours.
Important Note: Applications submitted to the ICM office that are missing items are considered incomplete and will be returned to the applicant for completion, thus delaying the potential issuing of a licence.
Amendments to the Insurance Agents & Adjusters Regulation were passed into law April 11, 2001, making these minimum requirements mandatory for residents and non-residents.
Pursuant to Section 371(1.1) of The Insurance Act of Manitoba and Section 12 of the Agents & Adjusters Regulation, amendment, you are required to carry a minimum of $1,000,000 in respect of any one occurrence with an overall policy aggregate of at least $5,000,000.
The policy must contain components as; coverage amounts that are exclusive of defense and investigative expenses; coverage that covers all of the insurance products that the insured is licensed to sell and will include coverage for the insured’s supervisory activities (if applicable), for financial planning services provided by the insured (if applicable), and for any unlicensed employee or administrative assistant for whose acts the insured is responsible. The coverage shall include extended reporting for a period of five (5) years, and will provide cover for errors and omissions that were made before the inception of the insurance, provided that the errors and omissions were made after June 1, 2001, and that the insured had no knowledge of the claim. The errors and omissions policy must not be restricted to a particular insurers’ product. An endorsement to include fraud and dishonest acts must also be included as a mandatory requirement of errors and omissions insurance.
You will be required to provide proof satisfactory to the Insurance Council of the existence of this policy when you are renewing your licence. The agents licence applications, including renewal applications, shall also require that the agents attest to having errors and omissions insurance in force, which is in compliance with this section, and that he or she shall immediately cease acting as an agent if such insurance ceases to be in force.
Pursuant to Section 372.1(1) of The Insurance Act of Manitoba, no licensed insurance agent shall carry on the activities of an insurance agent while he or she is not insured under a policy of liability insurance that meets the requirements of subsection 371(1.1).
In addition, Section 372.1(2) of The Insurance Act of Manitoba states, a licensed insurance agent whose liability insurance lapses, or is cancelled by the agent or the insurer, shall notify the Insurance Council of Manitoba without delay.
Telephone: 204-988-6800
In signing the Supervision Certificate, the agent being supervised and Supervising Agent agree to fulfill their duties and to comply with the requirements to co-sign certain documents in compliance with Sections 8 and 9 of the Life Insurance Agents and Accident & Sickness Insurance Agents Licensing Rules.
A supervisor’s duties include but are not limited to:
- The Supervisor is expected to provide ongoing training to ensure the supervised agent has appropriate product knowledge and awareness of regulatory requirements.
- The Supervisor must ensure the recommendations of the supervised agent are suitable to the client’s interests and needs.
- Supervisors must inform supervised agents of their responsibility to complete a needs analysis for the sale of every life insurance policy and of the supervised agent’s responsibility to present the needs analysis and application to the Supervisor to be countersigned.
- Supervisors must review any proposed replacement life insurance policy prior to the supervised agent recommending the product to the client. A supervised agent must not replace a contract of life insurance unless the Supervising Agent countersigns the Life Insurance Replacement Declaration (LIRD) form and Written Comparative Analysis. A Supervising Agent accepts responsibility for the documents as if he or she had completed them as the life insurance agent.
- Supervisors must ensure the level of risk for segregated funds sold by the supervised agent is suitable to the client’s risk tolerance and that the supervised agent has sufficient expertise with regard to the selling of individual variable insurance contracts (otherwise known as segregated funds). Guidance Notes to Licensees – Individual Variable Insurance Contracts can be found on the ICM website at https://www.icm.mb.ca.
- Any recommendation by the supervised agent for leveraging segregated funds must be reviewed and approved by the Supervisor; a needs analysis and the application must be countersigned by the Supervisor. The Supervising Agent has the duty to ensure that the client has the financial ability to pay the servicing costs and any potential margin call of a leverage loan.
The Supervisor will be held mutually responsible, along with the supervised agent, and may face potential disciplinary action where recommendations are not appropriate to the client’s interests and needs or where disclosure of the risks was not sufficient.