Errors & Omissions Insurance

Errors & Omissions Insurance

Errors and Omissions (E&O) Insurance Submission Requirements


Errors and Omissions (E&O) Insurance Submission Requirements 

Every year, licensees are required to submit a copy of their renewed Errors & Omissions (E&O) Certificate of Insurance to the Insurance Councils of Saskatchewan (ICS). The E&O Certificate of Insurance must be provided no later than the expiry date of the E&O Policy.  This is pursuant to the following subsections of The Insurance Act (the Act) and The Insurance Regulations (the Regulations). 

  • Insurance Intermediaries: subsections 5-26(1) and 5-32(1)(b) of the Act
  • Adjusters: subsections 5-47(1) and 5-62(1)(b) of the Act
  • Restricted Insurance Agents:  subsection 5-23 of the Regulations 


The specific E&O requirements for: 

  • Insurance intermediaries and adjusters are set out in subsection 5-10(1) of the Regulations.  
  • Restricted insurance agents are set out in subsection 5-23 of the Regulations. 


Consequences of Not Submitting  

If ICS does not receive a copy of your renewed E&O Certificate of Insurance by the E&O Policy expiry date:  

  • Your licence will be automatically suspended and you will no longer be authorized to carry on the business of insurance as defined in subsection 2-1(2) of the Act.  
  • Carrying on the business of insurance while suspended is a contravention of the Act and may result in prosecution. 
  • Your licence may be investigated to determine whether you carried on the business of insurance during the suspension period.  
  • Your licence may not be reinstated until any required investigation is completed. 


Additional consequences may include the suspension of the licences of: 

  • Employees of a suspended agency; 
  • Individuals you recommend; and 
  • Individuals for whom you act as designated representative. 


Agents are also no longer able to represent a suspended agency. 

E&O Limit Requirements


There are specific E&O limits that are required for each class of license. These are set out in The Insurance Regulations subsections 5‑10(1) and 5-23 and The Insurance Act subsections 5-26(1) and 5-47(1).  

Licensees are responsible for ensuring their coverage meeting the applicable limits outlined below. 

  • E&O insurance that provides a minimum of: 
    • $1,000,000 coverage with respect to any one occurrence and a minimum aggregate limit of $1,000,000 with respect to all occurrences within a year; and 
    • $1,000,000 extended coverage for loss resulting from fraudulent or dishonest acts; 
  • Covers the insurance activities of the licensee; and 
  • Is underwritten by an insurance company licensed to do business in Canada. 

  • A valid policy of E&O insurance that: 
    • provides a minimum of $1,000,000 coverage with respect to any one occurrence and a minimum aggregate limit of $2,000,000 with respect to all occurrences within a year; 
    • covers the insurance activities of the licensee; and 
    • is underwritten by an insurance company licensed to do business in Canada; and 
  • A bond in the amount of $20,000. The original must be mailed into the ICS office.  

  • A valid policy of E&O insurance that: 
    • provides a minimum of $1,000,000 coverage with respect to any one occurrence and a minimum aggregate limit of $2,000,000 with respect to all occurrences within a year; 
    • covers the insurance activities of the licensee; and is underwritten by an insurance company licensed to do business in Canada. 

  • A valid policy of E&O insurance that: 
    • provides a minimum of $250,000 coverage with respect to any one occurrence and a minimum aggregate limit of $500,000 with respect to all occurrences within a year; 
    • covers the insurance activities of the licensee; and 
    • is underwritten by an insurance company licensed to do business in Canada. 

  • A valid policy of E&O insurance that: 
    • provides a minimum of $1,000,000 coverage with respect to any one occurrence and a minimum aggregate limit of $2,000,000 with respect to all occurrences within a year; 
    • covers the insurance activities of the licensee; and 
    • is underwritten by an insurance company licensed to do business in Canada. 

  • A valid policy of E&O insurance that: 
    • provides a minimum of $1,000,000 coverage with respect to any one occurrence and a minimum aggregate limit of $2,000,000 with respect to all occurrences within a year; 
    • covers the insurance activities of the licensee; and 
    • is underwritten by an insurance company licensed to do business in Canada. 

  • A valid policy of E&O insurance that: 
    • provides a minimum of $1,000,000 coverage with respect to any one occurrence and a minimum aggregate limit of $2,000,000 with respect to all occurrences within a year; 
    • covers the insurance activities of the licensee; and 
    • is underwritten by an insurance company licensed to do business in Canada. 

  • A valid policy of E&O insurance that: 
    • provides a minimum of $1,000,000 coverage with respect to any one occurrence and a minimum aggregate limit of $2,000,000 with respect to all occurrences within a year; 
    • covers the insurance activities of the licensee; and 
    • is underwritten by an insurance company licensed to do business in Canada. 

  • This does not apply to: 
    • a deposit-taking institution; 
    • a financing corporation; or 
    • a member institution within the meaning of the Canada Deposit Insurance Corporation Act. 

E&O Submission Assistance and FAQs


For information on how to submit your E&O Certificate of Insurance and other Frequently Asked Questions, click here.