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Liability insurance

NEW – Requirement to advise the Ordre as of October 1, 2009 of any action for professional negligence

Pursuant to the amendments made to the Professional Code in October 2008, all chartered accountants are now required to advise the Ordre each time an action for professional negligence is served against them, the partnership or joint-stock company within which they practice their profession, their employer or with their professional liability insurer.

Important changes in effect as of April 1, 2008

The new Regulation Respecting Professional Liability Insurance for Members of the Ordre des comptables agréés du Québec came into effect on April 1, 2008. This means that a compulsory group insurance plan must be implemented for all members of the Ordre.

The Association of Insured Chartered Accountants (AICA) has been designated as the plan administrator. To take advantage of the protection offered under this group plan, each CA must complete the self-assessment form sent by the AICA every year in January and pay the premium to the AICA within the prescribed deadline. Failure to pay the premium will result in the CA being struck off the Roll.

Insurance policy

You can download the final version of the insurance policy and the generic insurance certificate. Please note that the AICA sends each member a copy of their certificate once it receives payment.

Regulation

All chartered accountants engaged in the practice of public accountancy for their own account or within a partnership or company of chartered accountants, full time or part time, must take out insurance coverage in the amount of not less than $1 000,000 per claim.

You can download the Ordre des comptables agréés du Québec (Professional Liability Insurance) Regulation in PDF format.

Excess liability insurance

Furthermore, a regulation provides that members carrying on their activities within a limited liability partnership (LLP) or a joint-stock company (JSC) are required to take out between $500,000 and $1 million in additional insurance coverage to cover possible professional faults, in addition to the compulsory insurance for all practicing CAs.

To find out more about liability insurance for practicing CAs, please consult the Regulation respecting the practice of the chartered accountancy profession within a partnership or a joint stock company , sections 11 to 13.

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