Apply for an insurance broker licence

4 different insurance professions are regulated in the Yukon:

• insurance agents;
• insurance brokers;
• insurance salespeople; and
• insurance adjusters.
   

The services these professions offer in the Yukon may be different than in other regions.

Before you apply, review the information below to make sure you apply for the correct licence.

Insurance broker

In the Yukon, an insurance broker:

• acts as a go-between for insurers and the insured;
• works independently and typically does not represent a single insurer;
• does not require permission from an insurer to sell their products; and
• cannot provide life or accident and sickness insurance.

Insurance agent

In the Yukon, an insurance agent:

• acts as a go-between for an insurer and the insured;
• typically represents 1 insurer but can represent more;
• has received permission from insurers to sell their products; and
• is the only insurance professional working in the territory that can provide life, and accident and sickness insurance.

Insurance salesperson

In the Yukon, an insurance salesperson:

• is employed and supervised by a licensed insurance agent or broker;
• is paid a salary and does not receive commission;
• can solicit insurance, negotiate insurance or renewals, and collect and receive premiums for their employer.

Insurance adjuster

In the Yukon, an insurance adjuster:

• investigates insurance claims;
• makes recommendations on insurance policy payments; and
• negotiates payments and settlements.

All insurance brokers working in the Yukon must hold a current Yukon licence.

We accept new applications on an ongoing basis. But you must renew your licence every year. All insurance broker licences expire annually on September 30.

Types of licences

In the Yukon, insurance brokers can apply for 2 types of licences. Both licence types allow brokers to offer all classes of insurance, except life, and accident and sickness insurance.

General insurance broker licence

This licence is for brokers who will only work with insurers licensed in the Yukon.

Special insurance broker licence

This licence is for brokers who will work with insurers that are not licensed in the Yukon.

Eligibility

You're eligible to register and apply if you meet the following requirements.

• You're not an agent of an insurance company.
• You live in Canada.
• You hold a current insurance broker licence in another Canadian or US jurisdiction (your "home" jurisdiction).
• You're in good standing in your home jurisdiction.
• You only apply for the same classes of insurance that you hold in your home jurisdiction.

Applicants must complete either:

• the insurance broker application form; or
• the insurance special broker application form.

Complete all sections of the application form. Do not leave a section blank. You may enter "not applicable" when it's relevant.

Tips

• Be sure you fill out the correct form.
• Mark on the top of the form whether you're applying for:
  • a resident; or
  • a non-resident licence.
• Choose non-resident if your home jurisdiction is outside of the Yukon.
• Sign the affidavit section in front of a notary public and then have the notary sign and witness.
• Send us the original application form and keep a photocopy for your records.
• We do not accept photocopies of the application form.
• We may return incomplete applications.

Gather together the following documents and provide these with your complete application package.

Current photo ID

• Provide 1 copy of current photo ID.
• The ID must be issued by a territorial, provincial or federal government body.
• The ID must show your current legal name.
• We do not accept a healthcare card as a form of ID.

Criminal record check

• Visit your local RCMP or police detachment to request a check.
• The RCMP or police must complete the check no more than 90 days before you submit your application.
• Ask the RCMP or police to send the results directly to your mailing address or make the results available for pickup.

Proof of standing

We only require this from applicants who hold an insurance broker licence in another Canadian or US jurisdiction.

• We accept the following as proof of standing:
  • a recent printout from your home regulator’s online register;
  • a copy of your insurance broker licence from your home jurisdiction;
  • a certificate of authority from your home regulator; or
  • any combination of the above.
• You must ensure this documentation shows all of the following:
  • your name;
  • your licence number;
  • the class(es) of insurance you are licensed to sell; and
  • your current licence status or licence expiry date.

Proof of surety

We only require proof of surety from special broker licence applicants.

• An insurance company licensed in the Yukon must issue the surety bond.
• Surety must be for at least $5,000.
• We accept photocopies of the bond as proof.
• The bond must be made out to the Superintendent of Insurance in the Yukon.

Fees

Non-residents

These annual licence fees apply if your home jurisdiction is outside the Yukon.

• General insurance broker annual licence fee: $100.
• Special insurance broker annual licence fee: $400.

Residents

These annual licence fees apply if the Yukon is your home jurisdiction.

• General insurance broker annual licence fee: $50.
• Special broker annual licence fee: $200.

How to pay

You can pay by:

• cheque;
• credit card;
• cash; or
• debit.

Cheque

• Complete the payment information form.
• Provide a cheque in the appropriate amount made out to the Government of Yukon.
• After we issue your licence, we'll cash your cheque.

Credit card

• Complete the payment information form.
• If you submit your application in person, by courier or mail, you may include your credit card info on your payment information form.
• If you submit your application by email or fax, do not include your credit card information on your form. We'll contact you for your credit card info.
• After we issue your licence, we'll take payment.

Cash or debit

• You can only pay by cash or debit if you can pay in person at our office in Whitehorse.
• Complete the payment information form.
• We'll hold your licence at our office after we issue it.
• We'll take payment by cash or debit when you pick it up.

Prepare your application package

Your complete application package must include:

• your completed application form;
• all supporting documents; and
• your payment form.

We typically process applications within 10 business days. We'll confirm you've met all legal requirements before issuing a licence. We may return your application if you’ve not provided all the required documentation.

How to submit

• In person or by courier at 307 Black Street, Whitehorse, Y1A 2N1. We're open Monday through Friday from 8:30 am to 4:30 pm.
• Email: insurance.plra@yukon.ca
• Fax: 867-667-3609
• Mail:
  Government of Yukon
  Professional Licensing and Regulatory Affairs (C-5)
  Box 2703
  Whitehorse, YT Y1A 2C6