The Insurance Council of Manitoba proposed new requirements for insurance agencies and firms seeking licenses in the province, inviting stakeholder feedback on the proposed framework. The proposal covers financial requirements, governance standards, and operational criteria that would apply to insurance intermediaries doing business in Manitoba. The Council sought input from member firms with Canadian operations to inform a coordinated response to the regulator.
Insurance Council of Manitoba: Proposed Requirements to Obtain an Agency/Firm License
The Insurance Council of Manitoba (ICM) released proposed requirements for insurance agencies and firms seeking licenses to operate in the province, inviting stakeholder feedback on the proposed regulatory framework.
Overview of the Proposal
The proposal outlines new standards that insurance agencies and brokerage firms would need to meet to obtain and maintain a license in Manitoba. Key areas addressed in the proposal include financial requirements, governance structures, errors and omissions insurance minimums, and operational standards for licensees.
The ICM sought feedback from industry stakeholders, including national brokerage firms with operations or clients in the province, to ensure the proposed requirements are practical and appropriately calibrated to the Manitoba market.
Implications for Member Firms
The Council encouraged member firms with Canadian operations or those considering expansion into Manitoba to review the proposal and submit comments. Licensing requirements that are overly burdensome or inconsistent with other provincial frameworks can create barriers to market entry and increase compliance costs for multi-provincial brokerages.
The Council monitored the ICM’s rulemaking process and coordinated member firm input to inform a collective response to the regulator.
