D-9.2, r. 10 - Regulation respecting the pursuit of activities as a representative

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17. The insurance contract covering the professional liability of a representative acting on behalf of, but not employed by, a firm must provide for the following:
(1)  a minimum coverage amount of $500,000 per claim and $1,000,000 per year;
(2)  that any deductible amount stipulated in the contract may not exceed $10,000;
(3)  express stipulations to the effect that:
(a)  coverage is provided for liability arising from the fault, errors, negligence, or omissions committed by the representative in pursuing activities as a representative, or arising from the fault, errors, negligence, or omissions committed by the representative’s mandataries, employees or trainees in the performance of their duties, regardless of whether or not such persons are still so engaged on the date of the claim;
(b)  the coverage provided in respect of the activities of the representative during the period for which the contract is in effect extends beyond the period of insurance provided for therein for a further term of 5 years from the date the representative ceases to pursue activities, irrespective of whether or not he is still alive;
(c)  the insurer must advise the Autorité des marchés financiers of its intention not to renew the contract or to terminate the contract 30 days prior to the date of non-renewal or termination;
(d)  the insurer must notify the Authority upon receiving from the representative notice of non-renewal or termination of an insurance contract;
(e)  the insurer must notify the Authority upon receiving any claim under the contract, regardless of whether the insurer decides to honour the claim.
O.C. 830-99, s. 17; O.C. 1013-2003, s. 1.