Beginning on May 1, 2020, firms and mortgage brokers will be required to have valid professional liability insurance to be authorized to practise, as they will not longer be covered by the Fonds d’assurance responsabilité professionnelle du courtage immobilier du Québec (“FARCIQ”).
The AMF recommends that you obtain coverage without exclusion clauses for prior acts.
Pursuant to section 76 This link will open in a new window of the Distribution Act, firms must establish that they have subscribed for liability insurance that is consistent with the requirements determined by regulation. They must also establish that every representative acting on their behalf without being an employee has liability insurance that is consistent with the requirements determined by regulation.
The AMF recommends that, to facilitate policy management, each agency insure all of its representatives under its liability insurance policy. If you are a mortgage broker, you must check with your agency whether you are covered under its liability insurance policy. If you are not covered, you must take out liability insurance that is consistent with the requirements determined by regulation. If you are a member of an association, check with your agency’s responsible officer.
To learn about the various mandatory insurance clauses, refer to the section Mandatory clauses.
You’re a responsible officer or independent representative and need help?
Make an appointment with an Information Centre agent.
It’s important that you enter only your business contact information (telephone no. and e-mail address fields)End of the Information
The AMF has identified the following insurers or brokers who are interested in covering this new sector.
|Octave Assurances||450-656-0008 ext. 106||Mathieu.Cauchon@octaveassurances.com|
|Intact Assurance |
La Turquoise Pro