Start an Insurance Agency or Brokerage in Regina: A Step-by-Step Guide
This page delivers a practical, step-by-step roadmap to starting an insurance agencies and brokerages business in Regina (NAICS 524210). You’ll find a clear requirements overview, the permits you’ll need, typical start-up costs, and a realistic timeline from setup to first policy. We cover regulatory steps, licensing, and how to register your agency with provincial authorities so you’re compliant from day one.
Here, you’ll learn exactly which licenses are required, the permits to secure, and the costs to budget, plus a practical timeline to reach your first milestone. We break the 11 requirements into a simple checklist, show where to apply, and share tips on choosing a business structure, securing E&O insurance, and setting up client management systems. By the end, you’ll have a clear path to launch confidently.
Regina’s growing economy, diverse client base, and supportive business climate make this a smart place to start. Strong local networks and a clear regulatory path can help you move from plan to policy faster than you expect.
Requirements Overview
The most critical requirement for operating a insurance agency in Regina is Saskatchewan Insurance Agent Licence (ICS). This license is legally required to sell or broker insurance in Saskatchewan, and you cannot legally operate without it. This is non-negotiable. Start the process early, as licensing often takes several weeks and typically involves education, exams, and background checks as set by the regulator.
Operational requirements are grouped into two main buckets: people and structure. If you hire staff, you’ll need Saskatchewan WCB Employer Registration and Payroll Deductions Registration to handle workers’ compensation and payroll taxes. Depending on your business structure, you may also need Partnership Registration or Saskatchewan Corporation Registration. Finally, protect your clients and your business with Province of Saskatchewan Professional Liability Insurance.
Business licences and registration and tax numbers are the next focus. You’ll need a Business Licence to operate, Saskatchewan Business Name Registration (ISC) if you’re using a trade name, and a Business Number (BN) Registration for your CRA and government accounts. If your business crosses the GST/HST threshold, register for GST/HST; even if you don’t, you’ll still want to have the GST/HST pathway in mind for future growth. These registrations and numbers form the backbone of your tax reporting and regulatory compliance.
Next steps: map out your business structure (sole proprietorship, partnership, or corporation), confirm the ICS licensing path, and gather the required documents. Apply for the ICS license first, then line up your Business Licence, ISC name registration, BN, and any GST/HST needs. Set up payroll and WCB plans if you’ll have employees, and secure Province of Saskatchewan professional liability insurance. With a clear plan and timeline, you’ll move from start-up to compliant operation with confidence.
Detailed Requirements
Here are the specific requirements for starting a insurance agencies and brokerages in Regina:
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Business Licence RequiredGeneral business licence required to operate a business in City of Regina. Apply to City of Regina 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 Regina Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
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Saskatchewan Business Name Registration (ISC) RequiredBusinesses in Saskatchewan operating under a name other than the owner's legal name must register with Corporate Registry. This applies to sole proprietorships, partnerships, and business names for corporations. Registration provides legal recognition and is required for business operations, banking, and licensing. Registration can be completed online through Corporate Registry. Business name registrations must be renewed every 5 years for sole proprietorships and partnerships. Register with ISC (Information Services Corporation) for business name. Required for sole proprietorships with trade name, partnerships. $65 registration fee, $60 renewal. Name reservation valid 90 days. Online registration also registers with Ministry of Finance and CRA.
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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).
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Saskatchewan Insurance Agent Licence (ICS) RequiredInsurance brokers and agents must be licensed by provincial insurance regulatory authorities to sell insurance products. Licensing requires completion of approved pre-licensing education, passing licensing examinations, background checks, and ongoing continuing education. License categories typically include life insurance, accident and sickness insurance, general insurance (property and casualty), and restricted licenses for specific products. Brokers and agents must be appointed by insurance companies they represent, maintain errors and omissions insurance, and comply with professional conduct standards including disclosure requirements, suitability assessments, and consumer protection obligations. Agencies must also obtain business licenses. Provincial regulators conduct audits and investigations, and have authority to suspend or revoke licenses for misconduct. Selling insurance without proper licensing is a serious offense with significant penalties. Obtain insurance agent licence from Insurance Councils of Saskatchewan: 1. Complete approved education (CAIB, LLQP, etc.) 2. Obtain employment with insurance company or brokerage 3. Submit criminal record check 4. Apply online through ICS Licensing Portal 5. Pay licence fee ($125/year for most classes) 6. Pass licensing examination if required 7. Maintain 12 hours continuing education annually
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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.
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Partnership Registration ConditionalRequired for partnerships. Registration of partnerships in Saskatchewan. Register partnership with ISC: 1. Complete partnership registration form 2. Submit through ISC 3. Pay registration fees General and limited partnerships. Annual return may be required.
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Saskatchewan WCB Employer Registration ConditionalRequired if you have employees in Saskatchewan. Employers in Saskatchewan must register with the Workers' Compensation Board (WCB) and maintain coverage for workers. WCB provides insurance for workplace injuries and occupational diseases. Most employers are required to register, with some exceptions for specific industries and self-employed individuals. Registration should occur before hiring the first worker or commencing operations. Employers pay premiums based on their industry classification rate and assessable payroll. Register with Saskatchewan WCB for workers compensation coverage. Required for employers in mandatory industries. 2024 average premium rate $1.28 per $100 payroll. Maximum assessable earnings $104,531. Directors on T4 excluded from 2025.
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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.
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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.
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Saskatchewan Corporation Registration ConditionalRequired if incorporating in Saskatchewan. Incorporation of a company under Saskatchewan law. Incorporate through ISC Corporate Registry: 1. Conduct NUANS name search 2. Prepare articles of incorporation 3. Submit through ISC online or registry 4. Pay incorporation fees Annual return required. Federal incorporation is alternative option.
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Province of Saskatchewan Professional Liability Insurance RecommendedRegulated professionals must maintain professional liability (errors & omissions) insurance as required by their professional regulatory body. Not provincially mandated but STRONGLY RECOMMENDED for professional services: - Errors & Omissions (E&O) / Professional Liability: Covers negligence claims - General Liability: Min $1M-2M coverage - Required by many clients, landlords, and professional associations - Some professions have MANDATORY coverage through their regulatory college
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