For life/health insurance:
The harmonized Life License Qualification Program (LLQP) has been the pre-licensing course requirement in Canada since January 1, 2016. It is a 4–module course and is offered through various education providers. You will need to register with an approved course provider, and successfully pass the exams. You can find a list of approved course providers on the CISRO website. Each provincial regulator has information on where and when the LLQP exams will be held in their jurisdiction. You must apply for a life license within one year of passing the LLQP, or you will have to rewrite it.
|Passing the LLQP or any other pre-licensing course doesn’t mean you are licensed. It’s the first step!|
|Q||If I want to become licensed in more than one province will I have to write the LLQP exam in each one?|
|A||No. Since the course is national, the exam results are recognized by every jurisdiction.|
There are other requirements you must meet before being approved for a life insurance license including establishing your personal suitability (which can include a criminal record check and credit check), not be engaged in another occupation that is deemed to be a conflict and being sponsored by an insurance company. Some provinces require a training or supervision period for new agents. In Ontario, your license must be sponsored for the first 2 years by an insurer, after which you become responsible for maintaining your license. The BC Insurance Council requires new entrants to complete the Council Rules Course within the first year. Again, these rules can vary by province so always check with your regulatory body.
In life insurance, insurance companies are ultimately responsible for any agents they contract with. If you are not considered to be an employee or career agent of an insurer, most independent agents have contracts with a managing general agency (MGA) – not directly with the insurer. In this case, the insurer contracts with one or more MGAs, who often provide market conduct oversight, training, and administrative support to agents on the insurer’s behalf.
Each province or territory has its own life insurance regulator.
In Ontario, the Financial Services Regulatory Authority (FSRA) became the insurance regulator in June 2019. Previously, it was the Financial Services Commission of Ontario (FSCO). You can find good information on the steps required to become a life/health insurance here: How to become a Life Insurance Agent or Accident and Sickness Insurance Agent.
You can also find links to each provincial/territorial regulator on the Canadian Council of Insurance Regulators website.
|Regularly check the insurance regulator or Insurance Council's websites to obtain more information, keep up-to-date with any new information, and to sign up for their email lists.|
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