Firm Representatives: Update Your Professional Liability Insurance Now

Firm Representatives are reminded of their obligation to annually report their firm’s Professional Liability Insurance. Proof of coverage must be provided on an annual basis to CPA Ontario and within five business days of the expiry of its policy to maintain membership in good standing as outlined in Regulation 14-1, section 11.

As Firm Representative you must submit your insurance provider, your source of coverage, number of members in your firm, limit of liability per claim, the policy number and expiry date. Firm Representatives should log into My Portal, navigate to the Firm Dashboard and select Update Insurance Information.

Failure to provide proof of coverage within five business days of expiry or yearly anniversary date will result in the suspension of the firm and its firm representative. The firm has 30 days after the suspension to provide proof of insurance to reinstate the firm and Firm Representative. If the firm does not provide this, it will be deregistered and the firm representative’s membership will be revoked.