Discovery Insurance Requirements When Closing Your Firm

Firm Representatives seeking to voluntarily surrender their firm registration and close their firm with CPA Ontario must have discovery insurance in place for a period of at least six years to comply with section 9 of Regulation 14-1: Professional Liability Insurance. This requirement cannot be waived or exempted. Discovery insurance, also known as professional liability insurance in an unreduced amount, can be obtained through your insurance provider.

Members may submit a firm closure request through the firm dashboard in My Portal. If discovery insurance is not provided, your firm closure will be considered incomplete, your request closed, and all firm obligations will continue to apply.