Under the new framework respecting damage insurance brokerage that came into force on December 13, 2019, the qualification of the firms to which a representative is attached may have an impact on the representative’s status. The following tables outline the impacts, if any.
A new Application for change in representative's status is available in E-Services.
End of the insightTwo situations are possible, depending on your certification and attachment. Please refer to the two tables below based on your current status broker or agent.
These situations apply if your firm receives a notice of change in registration. If your firm qualifies as currently registered, NO action is required by you as a representative.
#brokerRepresentative’s current certification: Broker attached to a brokerage firm
Qualification submitted to the AMF by the firm Deadline: March 1, 2020 | Representative’s certification after a notice confirming registration is issued by the AMF to the firm June 2020 | Action to be taken by the representative before expiry of the 90-day period following the notice of change in registration issued to the firm March to June 2020 | Action to be taken by the representative after the change in the firm’s registration June to September 2020 |
| Agency | Agent | No action is required by a representative who agrees to become an agent. The AMF will automatically change the representative’s status when it changes the firm’s registration. If the representative wishes to remain a broker and change employers, he or she must:
| If the representative wishes to become a broker again, he or she must find employment with a brokerage firm and submit an Application for change in representative’s status to the AMF. Until September 30 2020, no fees will be payable for the processing of this application. |
#agentRepresentative’s current certification: Agent attached to an agency
Qualification submitted to the AMF by the firm Deadline: March 1, 2020 | Representative’s certification after a notice confirming registration is issued by the AMF to the firm June 2020 | Action to be taken by the representative before expiry of the 90-day period following the notice of change in registration issued to the firm March to June 2020 | Action to be taken by the representative after the change in the firm’s registration June to September 2020 |
| Brokerage firm | Broker | No action is required if he or she agrees to become a broker. The AMF will automatically change the representative’s status when it changes the firm’s registration. If the representative wishes to remain an agent and change employers, he or she must:
| If the representative wishes to become an agent again, he or she must find employment with an agency and submit an Application for change in representative’s status to the AMF. Until September 30 2020, no fees will be payable for the processing of this application. |
Two situations are possible, depending on your certification and attachment. Please refer to the two tables below based on your current status broker or agent.
These situations apply if the firms to which you are attached receive a notice of change in registration. If all the firms qualify as currently registered, NO action is required by you as a representative.
#brokerRepresentative’s current certification: Broker attached to more than one brokerage firm
Qualification submitted to the AMF by all the firms Deadline: March 1, 2020 | Representative’s certification after a notice confirming registration is issued by the AMF to the firms June 2020 | Action to be taken by the representative, if he or she wishes, before expiry of the 90-day period following the notice of change in registration issued to the firms March to June 2020 | Action to be taken by the representative, if need by, after the change in the firms’ registration June to September 2020 |
| Firms qualify to become brokerage firms and others become agencies | Broker | No action is required by a representative who wishes to remain a broker. He or she will be withdrawn from all firms that become agencies and will remain attached to all firms that qualify as brokerage firms. If the representative wishes to become an agent, he or she must do the following BEFORE expiry of the 90-day period:
| If the representative wishes to become an agent, he or she must find employment with an agency and submit an Application for change in representative’s status to the AMF. Until September 30 2020, no fees will be payable for the processing of this application. |
| All firms qualify to be agencies | Agent | No action required by a representative who agrees to become an agent. The AMF will automatically change the representative’s status when it changes the last firm’s registration. He or she will also be reattached to all the firms to which he or she was attached at the time of qualification. If he or she wishes to remain a broker, he or she must do the following BEFORE expiry of the 90-day period:
| If the representative wants to become a broker again, he or she must find employment with a brokerage firm and submit an Application for change in representative’s status to the AMF. Until September 30 2020, no fees will be payable for the processing of this application. |
#agentRepresentative’s current certification: Agent attached to more than one agency
Qualification submitted to the AMF by all the firms Deadline: March 1, 2020 | Representative’s certification after a notice confirming registration is issued by the AMF to the firms June 2020 | Action to be taken by the representative before expiry of the 90-day period following the notice of change in registration issued to the firms March to June 2020 | Action to be taken by the representative, if he or she wishes, after the change in the firms’ registration June to September 2020 |
| Firms qualify to become brokerage firms and others remain agencies | Agent | No action is required by a representative who wishes to remain an agent. He or she will be withdrawn from all firms that become brokerage firms and will remain attached to all firms that qualify as agencies. If the representative wishes to become an agent, he or she must do the following BEFORE expiry of the 90-day period:
| If the representative wishes to become a broker, he or she must find employment with a brokerage firm and submit an Application for change in representative’s status to the AMF. Until September 30 2020, no fees will be payable for the processing of this application. |
| All firms qualify to be brokerage firms | Broker | No action required by a representative who agrees to become a broker. The AMF will automatically change the representative’s status when it changes the last firm’s registration. He or she will also be reattached to all the firms to which he or she was attached at the time of qualification. If the representative wishes to remain an agent, he or she must do the following BEFORE expiry of the 90-day period:
| If the representative wishes to become an agent again, he or she must find employment with an agency and submit an Application for change in representative’s status to the AMF. Until September 30 2020, no fees will be payable for the processing of this application. |