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.

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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 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:

  1. Request his or her withdrawal from the firm
  2. Attach him or herself to a brokerage firm
    or
    Register as an independent representative. He or she will have to meet all the criteria to qualify as a damage insurance brokerage firm

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 firmBroker

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:

  1. Request his or her withdrawal from the firm
  2. Attach him or herself to an agency

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:

  1. Request his or her withdrawal from the firms that will remain brokerage firms
  2. Remain attached to the firms that will become agencies. The AMF will change his or her status at the same time as it changes the registration of these firms.

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:

  1. Request his or her withdrawal from all the firms
  2. Attach him or herself to a brokerage firm
    or
    Register as an independent representative. He or she will have to meet all the conditions to qualify as a damage insurance brokerage firm.
 

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:

  1. Request his or her withdrawal from the firms that will remain agencies
  2. Remain attached to the firms that will become brokerage firms. The AMF will change his or her status at the same time as it changes the registration of these firms.

 

 

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:

  1. Request his or her withdrawal from all the firms
  2. Attach him or herself to an agency
 

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.