Launch a Direct Property and Casualty Insurance Carrier in London, Ontario
This page guides you through starting a Direct Property and Casualty Insurance Carrier in London, Ontario. It offers a practical, step-by-step path—from registration to regulatory licensing and a realistic first-year launch plan—that keeps the process clear, doable, and financially sensible.
What you’ll learn includes a concise requirements overview, the permits you’ll need, estimated startup costs, and a realistic timeline. Here are the 11 essential requirements to become an authorized insurer in Ontario: 1) Incorporation and corporate governance structure; 2) FSRA licensing and insurer registration; 3) Sufficient capital and solvency planning; 4) Appointment of directors and executive leadership; 5) Actuary engagement and actuarial opinions; 6) Approval of policy forms, endorsements, and rates; 7) Reinsurance strategy and risk transfer setup; 8) Comprehensive compliance program (privacy, AML, consumer protections); 9) IT systems, data security, and business continuity; 10) Tax registration, business numbers, and ongoing financial reporting; 11) Detailed business plan, budget, and implementation timeline. Costs include licensing/filing fees, legal and actuarial services, capital requirements, regulatory deposits, and IT/back-office setup. Timeline: licensing can take several months, with full London, Ontario market readiness typically in the 12–24 month window depending on scale.
Requirements Overview
The most critical requirement for operating a direct property and casualty insurance carrier in London is Insurance Agent/Broker License. This license is a legally required credential to sell or underwrite insurance in Ontario, and you cannot legally operate without it. Without this license (or an appropriate regulatory authorization for your corporate structure), you’d be out of compliance and at risk of penalties. This requirement is non-negotiable and forms the foundation for operating in this sector.
Beyond licensing, your day-to-day operations must meet health and safety and workplace standards. In Ontario, this means full Occupational Health and Safety Act compliance to keep employees safe, proper Employment Standards compliance for hours and wages, and WSIB Registration and Coverage to handle workplace injuries. It’s also wise to have Professional/General Liability Insurance to protect the business from common claims. Grouping these together, ensure your workplace practices, safety programs, and coverage are in place before you hire staff or sign big contracts.
Most businesses also need the right registrations and tax numbers. Start with obtaining a Business Number (BN) for federal tax and program accounts, and ensure FINTRAC Registration for anti-money laundering compliance. You’ll likely need a Business Licence to operate in London, and you must register your Ontario business name with ServiceOntario. Don’t forget GST/HST Registration if you meet the thresholds, and Payroll Deductions Registration if you plan to hire employees. These registrations keep you aligned with tax, payroll, and regulatory reporting requirements.
If you’re ready, take the next steps by listing each requirement, identifying owner responsibilities, and creating a practical compliance calendar. Reach out to the regulatory bodies or a qualified advisor to verify specifics for your exact business model, and start with the highest-priority items to build a solid, lawful foundation. You
Detailed Requirements
Here are the specific requirements for starting a direct property and casualty insurance carriers in London:
-
Insurance Agent/Broker License RequiredInsurance agents and brokers must be licensed by FSRA Ontario and maintain errors & omissions insurance. Two paths: FSRA for agents (single insurer), RIBO for brokers (multiple insurers). Agent (OTL): $150 FSRA fee + $250 exam. Broker (RIBO): $300 exam + $350 initial license (Jul-Sep) or $240 (Oct-Jun). Complete approved education, pass exam. License year: Oct 1 - Sept 30. 2.2% fee increase April 2025. Contact RIBO: 416-365-1900, FSRA: 416-250-7250.
-
Business Number (BN) Registration RequiredA 9-digit Business Number is required for most businesses operating in Canada. It is used to interact with the Canada Revenue Agency and other federal programs. Required for GST/HST, payroll, corporation income tax, and import/export accounts. Register FREE online through Business Registration Online (BRO) at canada.ca. Takes 15-30 minutes. As of November 3, 2025, online registration is MANDATORY for new BNs - phone registration no longer available. You'll need: business name, address, owner SIN, business type, and start date. BN (9-digit number) issued INSTANTLY online. Available 21 hours/day, 7 days/week (closed 3-6am ET for maintenance).
-
FINTRAC Registration (Anti-Money Laundering) RequiredFinancial services must register with FINTRAC and implement anti-money laundering and terrorist financing compliance programs. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Mandatory for: MSBs, casinos, real estate, securities, accountants, BC notaries. Register online. Compliance program required. Suspicious transaction reporting. Large cash reporting ($10K+). Keep records 5 years. Contact FINTRAC: 1-866-346-8722.
-
Business Licence RequiredGeneral business licence required to operate a business in City of London. Apply to City of London for Business Licence: 1. Determine business category 2. Complete business licence application 3. Submit required documents (ID, lease, zoning confirmation) 4. Pay application and annual fees 5. Await approval and receive licence Contact City of London Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
-
Ontario Business Name Registration (ServiceOntario) RequiredBusinesses in Ontario operating under a name other than the owner's legal name must register with Ontario Business Registry through ServiceOntario. This includes sole proprietorships, partnerships, and business names for corporations. Registration provides legal protection for the business name within Ontario and is required for banking, licensing, and business operations. Registration can be completed online through Ontario Business Registry. Business name registrations must be renewed every 5 years. Register business name with Ontario Business Registry: 1. Search Ontario Business Registry (free) for name availability 2. Consider NUANS name report ($25) for thorough search 3. Register online through Ontario Business Registry 4. Pay registration fee ($60 for sole proprietorship/partnership) 5. Receive 9-digit Ontario Business Identification Number (BIN) 6. Registration valid for 5 years 7. Renew before expiry
-
Occupational Health and Safety Act Compliance RequiredAll Ontario workplaces must comply with the Occupational Health and Safety Act to ensure safe working conditions. Requirements include workplace safety policies, training, hazard assessments, and incident reporting. No registration - compliance law. Must post OHSA in workplace. JHSC required for 20+ workers (or 6+ in designated industries). Nov 2025: New administrative penalty scheme, defibrillator reimbursement. Telework now covered. Fines: up to $500K individuals, $1.5M corporations. 27 regulations under OHSA. Must conduct safety audits, maintain training records. Contact: 1-877-202-0008.
-
Employment Standards Compliance ConditionalApplies if you have employees. Covers minimum wage, hours of work, vacation pay, public holidays, termination notice, etc. All Ontario employers must comply with the Employment Standards Act, covering minimum wage, hours of work, overtime, vacation, termination, severance, and other workplace rights. No registration required - compliance-based requirement. Follow Employment Standards Act (ESA) for minimum wage, hours of work, overtime, vacation, leaves, and termination. Post ESA poster in workplace (free download from ontario.ca). Keep employment records for 3 years. NEW for 2025: Employers with 25+ staff must provide written employment info to new hires by July 1, 2025. Job postings must include salary ranges by Jan 1, 2026. Call 1-800-531-5551 for help.
-
GST/HST Registration ConditionalRequired if annual taxable revenue exceeds $30,000 (small supplier threshold). Taxi/ride-share drivers must register regardless of revenue. Businesses with gross revenues over $30,000 in any single quarter or over four consecutive quarters must register for, collect, and remit GST/HST. Small suppliers (under $30,000) may register voluntarily. Register FREE online through Business Registration Online (BRO) when your revenue exceeds $30,000 in any 4 consecutive quarters (small supplier threshold). Takes 15-30 minutes. You MUST register within 29 days of exceeding threshold and start charging GST/HST immediately on the sale that made you exceed it. Need your BN (or get one simultaneously). As of Nov 3, 2025, online registration is mandatory. Voluntary registration available anytime for input tax credits.
-
Payroll Deductions Registration ConditionalRequired if you pay salaries, wages, or other remuneration to employees. Must register before first pay period. Required if you have employees. You must withhold Canada Pension Plan (CPP), Employment Insurance (EI), and income tax from employee wages and remit to CRA. Register FREE online through Business Registration Online (BRO) when you hire your first employee. Takes 15-20 minutes. You'll need your Business Number (BN) or can get one simultaneously. Payroll account (RP) added to your BN instantly. Register BEFORE your first pay date. Required to deduct CPP, EI, and income tax from employee wages. For 2025: CPP rate 5.95%, EI employee rate $1.66/$100 insurable earnings.
-
WSIB Registration and Coverage ConditionalRequired within 10 days of hiring first employee, including family members and subcontractors. Workplace Safety and Insurance Board (WSIB) registration is mandatory for most Ontario businesses with employees. Provides compensation and support for workplace injuries and illnesses. Sole proprietors and partners can apply for optional coverage. Register FREE online at wsib.ca in 15-20 minutes. MANDATORY for most Ontario employers within 10 calendar days of hiring first worker. You'll need: CRA Business Number, payroll estimate, business activity description, owner/director info. Account number issued INSTANTLY online. Construction industry has expanded compulsory coverage. Premium rates vary by industry classification. Must display WSIB safety poster in workplace.
-
Professional/General Liability Insurance RecommendedService businesses should maintain liability insurance appropriate to their risk profile. Not provincially mandated but industry standard. CGL minimum $1M for small businesses. Required by contracts, landlords, clients. Covers bodily injury, property damage, personal injury. E&O insurance for professional services. D&O for directors. Cyber insurance increasingly required. WSIB separate requirement. Contact licensed insurance broker (RIBO-regulated).
Ready to Launch Your Business?
Starting a business can be complex, but you don't have to do it alone. Our AI-powered business matcher can help you understand exactly what you need for your specific situation.
Try Our AI Business Matcher Get Expert Help
No credit card required • Takes 2 minutes
Browse Other Business Sectors
Explore business requirements in other industries: