FSCO discontinues paper insurance licenses, issues electronic licenses now

The Financial Services Commission of Ontario (FSCO) has discontinued mailing paper licences.As of Oct.1, 2010, FSCO provides electronic versions of insurance licences. There is no requirement under the Insurance Act for licensees to carry or maintain a printed version of a licence. Licensees, insurers, and the public can verify the status of a licence at any time on FSCO’s Web site, in the ‘Licensing Link’ section. “The change helps to control costs and is in accordance with the Ontario Public Service’s commitment to provide electronic services,” FSCO said in its announcement.