On Monday, the Financial Services Commission of Ontario will implement the first phase of its Internet Application System. Life insurance agents across Ontario will be able to electronically renew their Level II agent licence, or move from a Level I to a Level II using the Internet 24 hours a day, seven days a week in just minutes.

This new online service is designed to increase efficiencies, provide greater convenience and faster turnaround times for the agent licensing process in Ontario. Future plans include expanding the electronic licensing system to allow all Level I life agents, mortgage brokers, other licensees and registrants to have access to this system.

The renewal or move to Level II will be effective immediately upon completion of the application and the payment, by credit card, of the licensing fees. Agents will not need to fill out a paper application. To complete the process from FSCO’s website, they’ll need: their current Level I or Level II licence, home and business address information, the name of their errors and omissions insurance company, and policy number, a valid VISA, MasterCard or American Express Card with available credit of at least $150, and examination requirement information.

FSCO’s internal agent licensing database and agent licensing information on the FSCO web site will be updated immediately upon the completion of the electronic application process. At this time there is no change in the fee structure nor the continuing education audit process.