The Financial Services Commission of Ontario has announced that it is starting work on the second phase of its online licensing system for insurance agent’s.

Last May FSCO rolled out the first phase of online licensing. Phase II of this project will expand this service to new Level I, General Insurance, and Accident & Sickness agents.

FSCO says that it hopes the new system will result in a new, higher level of partnership between registrants and the regulator. “Improving service to you and our other stakeholders is part of FSCO’s approach to regulating,” says FSCO’s acting head, Philip Howell.

The application process will be initiated by staff of the sponsoring insurance company who will enter, electronically, very basic “tombstone” information about the prospective agent.

Once the applicant’s profile is captured in the system, the prospective agent will complete an electronic application that will then be reviewed, approved or declined by FSCO staff. The sponsor and proposed agent will be advised of the decision via e-mail.

“I would like to express my thanks to the Canadian Life and Health Insurance Association Inc., the Canadian Association of Independent Financial Advisors, the Independent Financial Brokers of Canada, and the staff volunteered by insurance companies, whose involvement will ensure the ultimate success of this project,” said Howell.