Saskatchewan brokers, agents, adjusters to provide proof of new minimum E&O limits in November 2010

Saskatchewan insurance agents, brokers and adjusters will be required as of Nov. 1, 2010 to provide their provincial regulator with a copy of new minimum errors and omissions (E&O) limits when filing their annual reporting forms.Effective August 2010, the Insurance Councils of Saskatchewan changed its bylaws, requiring agents, brokers and adjusters to carry new minimum E&O limits of $1 million in coverage and a minimum aggregate limit of $2 million.The E&O insurance must be underwritten by an insurance company licensed to do business in Canada.