Professional liability insurance
The 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 was implemented for all members of the Ordre.
The Association of Insured Chartered Accountants Services inc. (AICA) has been designated as the plan administrator.
All chartered accountants must take out insurance coverage in the amount of not less than $1,000,000 per claim.
Renewal for 2012–2013
All CAs should have been contacted last January by the AICA to renew their enrolment in the professional liability group insurance plan for the year beginning April 1, 2012. They should have received a letter or an e-mail, depending on the contact preferences they confirmed with the AICA.
By completing the application and premium self-assessment form and by paying the premium to the AICA before April 1, 2012, the CA can take advantage of the protection offered under this group plan. Members at exempted firms are also required to complete the self-assessment form and return it to the AICA.
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.
Excess liability insurance
Furthermore, a regulation provides that members who practice the CA profession as defined in Section 1 of the Code of Ethics of Chartered Accountants within a limited liability partnership (LLP) or a joint-stock company (JSC) are required to take out between $500,000 and $1,000,000 in additional insurance coverage to cover possible professional faults, in addition to the compulsory insurance for all CAs.
To find out more about liability insurance for CAs who practice within an LLP or a JSC, please consult the Regulation respecting the practice of the chartered accountancy profession within a partnership or a joint-stock company, sections 11 to 13.
You can find various relevant statistics on mandatory continuing education by reading the section on the subject in our most recent annual report.
Questions?
To find out more about professional liability insurance, we invite you to consult the Frequently asked questions.
If you don’t find the answers to your questions in the FAQ, you may contact AICA at 1 800 267.4734 or at regimecollectif@aica.ca or the Ordre at pratiqueprofessionnelle@ocaq.qc.ca.
Requirement to advise the Ordre of any action for professional negligence
Pursuant to the amendments made to the Professional Code, since October 1, 2009, all chartered accountants are 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.
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