What is one requirement for travel agencies to be registered with TICO?

For travel agencies to be registered with the Travel Industry Council of Ontario (TICO), holding adequate insurance policies is a fundamental requirement. This requirement ensures that the agency is financially responsible and can protect both the agency and its clients in case of unforeseen events, such as bankruptcy or operational failure. Adequate insurance policies typically include coverage for errors and omissions, which helps to safeguard against claims related to mistakes made during travel planning. This protective measure is an essential part of maintaining consumer confidence and ensuring that the travel agency can fulfill its obligations to customers.

Having a physical office location, providing a business plan upon registration, or completing accurate reporting of financial statements may be aspects that contribute to the overall operation of a travel agency, but they are not stipulated as mandatory registration requirements by TICO. The emphasis on insurance highlights the regulatory framework's focus on consumer protection in the travel industry.