An insurance agency is a business (sole proprietorship, partnership or corporation) involved in the placement of insurance contracts. Insurance agencies must be licensed to operate in Nova Scotia. Licenses are issued in the following classes of insurance:
- Life (including Accident and Sickness)
- Accident and Sickness only
- General (other-than-life)
- Travel, Accident and Baggage
New Regulations
Effective January 1, 2007, amendments to the regulations respecting the licensing of a general insurance agency have been instated requiring that:
- Every general insurance agency shall appoint an Agent-in-Charge who is a Level III general insurance agent or an agent acceptable to the Superintendent on the basis of experience and qualifications. See Insurance Agents Licensing Regulations.
- All other agencies shall appoint an Agent-in-Charge who holds a Nova Scotia insurance license for the same class of insurance in which the agency intends to sell.
Requirements
Before submitting an application for an Insurance Agency, ensure you meet these requirements:
Application Forms and Process
- Download the Corporate Insurance Licence Application from the Insurance Forms page,
OR
drop into any of the Access NS offices outside the Halifax/Dartmouth area.
- Complete the application form and have it endorsed by an insurance company that is licensed to operate in Nova Scotia.
- Return the completed application form to the Department of Finance, Financial Institutions Division (address below) with the licensing fee of $358.14.
Nova Scotia Department of Finance
Financial Institutions Division
Office of the Superintendent of Insurance
PO Box 1529
Halifax, NS B3J 2Y4
- If agency is a non-resident business, current and original Certificate of Authority must be attached.
The Nova Scotia Permits Directory also provides information on insurance agency licensing.
Trust Accounts
General insurance agencies, and independent general insurance agents are required to maintain a trust account to hold insurance premium deposits. A Trust Account Reconciliation Worksheet must be filed annually within 120 days of the fiscal year end.
See Insurance Agents Licensing Regulations.