Modernizing the Insurance Requirements under the Real Estate and Business Brokers Act, 2002
Bill or Act:
Real Estate and Business Brokers Act, 2002
Summary of Proposal:
The ministry is seeking input on proposals to modernize the insurance requirements under the Real Estate and Business Brokers Act for real estate salespersons and brokers. These changes would update the regulation to reflect current terminology used in the insurance sector and to assist the Real Estate Council of Ontario (RECO) when negotiating with insurers and in administering the group insurance policy.
Proposed amendments include:
- modernizing out-dated terminology;
- stipulating that registrants are required to pay the insurance deductible;
- providing for the submission of individual applications by a specified date
if an insurer requires it; and
- establishing prescribed minimum insurance coverage amounts.
The paper linked below explains and sets out the proposed changes in detail. Interested parties can respond by e-mail or mail.
The ministry welcomes feedback and encourages anyone interested to provide comments on its proposal.
March 26, 2015
Comments Due Date:
May 10, 2015
Ministry of Government and Consumer Services
777 Bay Street, 5th Floor
Toronto, ON M7A 2J3
Attn. REBBA insurance changes