Since April 2001 all licensed insurance agents have been required to maintain professional liability insurance (errors and omissions) to at least the minimum standard required under The Insurance Act (The Act) and the Insurance Agents and Adjusters Regulation (Regulation).

As a result of recent amendments to the Regulation and consistent with enhancing consumer protection, Manitoba will be moving forward with the requirement that an endorsement to include fraud and dishonest acts be included as a mandatory requirement of errors and omissions insurance for Life and Accident & Sickness Insurance Agents and General Insurance Agents/Brokers. The requirement to include fraud and dishonest acts will commence subsequent to the May 31, 2010 licence renewals, and all licensed agents will be required to have fraud and dishonest acts included as a mandatory requirement of their errors and omissions insurance by no later than May 31, 2011.

It is important to note that a transition period of one year will apply, as we recognize that the effective date of agent's individual errors and omissions policies vary. All licensed agents will therefore be required to have fraud and dishonest acts included as a mandatory requirement of their errors and omissions insurance by no later than May 31, 2011.

If you have any questions, please contact the Insurance Council of Manitoba at (204) 988-6800 or by email at contactus@icm.mb.ca.