NU Online News Service, May 30, 1:05 p.m. – The Canadian Insurance Services Regulatory Organizations, Toronto, and the Canadian Council of Insurance Regulators, also of Toronto, will begin licensing the first graduates of a new Canadian life insurance agent training program June 1.
The Life Licence Qualification Program includes a mandatory course and a new exam.
The exam covers topics such as individual life , disability insurance and accident insurance products; group insurance products; investment products; retirement planning; consumer needs analysis; contract law; and professional standards.
Program organizers say all Canadian jurisdictions but Quebec have agreed to accept completion of LLQP requirements as an alternative to completion of local licensing programs.
The new, national program should make it easier for agents to move from one jurisdiction to another, and it should also help consumers by ensuring that agents in different jurisdictions meet the same minimum proficiency standards, organizers say.
Organizers are hoping that many Canadian jurisdictions will eventually use the LLQP to replace their local licensing programs.