Insurance Requirements When Closing Your Firm

Firm Representatives seeking voluntary surrender of firm registration must have discovery insurance in place for a period of at least six years to comply with firm obligations set out in Regulation 14-1: Professional Liability Insurance. Discovery insurance, also known as professional liability insurance in an unreduced amount, can be obtained through your insurance provider.

Members with firms that are no longer providing accounting services to the public or engaging in public accounting should submit a firm closure request through the firm dashboard in My Portal. This includes retired members that are no longer operating. Members are required to maintain discovery insurance for a minimum of six years after the cessation of the firm activities to comply with obligations.