Ontario Regulation 991, Section 5 outlines the registration requirements for an individual. It is legislated that the “only business or employment” of an individual be that of an insurance broker, or an insurance broker/life agent.
An application for a Secondary Business Exemption must be made to the Qualification and Registration Committee for any other business involvement or employment by submitting a letter of request and completing a secondary business exemption form. A letter from the Principal Broker outlining the qualifications of the individual and supporting the request for the exemption must accompany the application. An individual must be granted an exemption from the Qualification & Registration Committee prior to any involvement in a secondary occupation.
The Qualification & Registration Committee will allow exemptions for individuals licensed for a minimum of two (2) consecutive years, to carry on business as a general insurance broker and/or life agent along with one other licensed occupation from the non-insurance financial services group, limiting individuals to three (3) licenses. A completed Financial Products Application – Individuals must accompany the documentation.