A National Survey. prepared by the Canadian Life and Health Insurance Association

Transcription

1 2012 A National Survey prepared by the Canadian Life and Health Insurance Association

2 This National Survey summarizes the main licensing requirements of life agents in all the provinces and territories across Canada. The Survey was completed in the Spring of 2012 and reflects requirements in effect at that time. Where a requirement is expected to come into effect, this is clearly indicated. CLHIA wishes to acknowledge the cooperation of provincial and territorial regulators in the preparation of this information.

3 Explanatory Notes Basic Requirements Annual Fees For the purposes of comparison among jurisdictions, all fees are expressed on an annual basis. For jurisdictions that collect fees less frequently, the payable amount and the period for payment are indicated in parentheses. Basic Requirements Renewal Some jurisdictions have, or are moving to, a continuous licensing regime. In such a regime, the licence or certificate does not technically expire. The agent is, however, required to pay a fee and provide other information to maintain the licence. Basic Requirements Continuing Education For the purposes of comparison among jurisdictions, the number of credit hours required is expressed on an annual basis. Information under Reporting Period can be used to determine how frequently and how many credits must be reported. Entry Requirements Background Checks This section reports on whether credit and police checks are done and what information the agent needs to provide at the time of licence application. Licence Status Confirmation This section reports on a web-based service that many provinces now provide that enables companies to check on the status of a life agent s licence. For jurisdictions where the service is available, the section identifies where the reports can be found on the website and how frequently they are updated. These charts are intended to provide a general summary of key requirements for comparison purposes. The information is updated as CLHIA becomes aware of changes. Persons using the charts for compliance purposes should consult the websites of individual regulators for additional details and possible updates.

4 B A S I C R E Q U I R E M E N T S Annual Fees Licence Licence renewal Non-resident fee Corporate (agency) licence fee $95 for Life and $60 for A+S $95 for Life and $60 for A+S $95 for Life and $60 for A+S $95 for Life and $60 for A+S Renewal Period One (1) year Expiry date February 15 Errors & Omissions Mandatory Yes (went into effect April 1, 2006) Per claim $500,000 Aggregate Deductible Fraud Tail $2 million specified. Insurer pays first dollar and collects from insured. Yes One year Continuing Education Mandatory Credit hours/year Reporting period Carry forwards Record retention period Restrictions on credits Yes 15 per certificate Annual, no later than February 15, of each year 7.5 hours from one certificate term to the next 3 years following expiry of the certificate term Accreditation Committee approves courses and providers. All approved courses are posted on the AIC web site.

5 Reporting protocol Agent must enter sufficient CE credit on-line to renew. Only valid courses may be entered. Agent may not access the renewal of his certificate unless it has been confirmed that his CE requirement has been satisfied. Subject to audit Non-resident Exam requirements waived CE credits Yes A non-resident endorsement issued by the insurance licensing authority in the applicant s resident jurisdiction and proof of educational qualifications Will accept web site confirmation that a valid license is in force. Must comply with Alberta requirements or meet CE requirements in resident provinces that require CE as long as agent holds a valid license in his resident jurisdiction Other Conditions/Limitations Part-time permitted Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other Yes Agents may engage in another occupation provided no conflict of interest, or not in position of coercion or undue influence No prohibition on agents engaging in sale of other financial services but mortgage brokers must not be officers or employees of a lender May receive without licence E N T R Y R E Q U I R E M E N T S LLQP Full Name of Licence Full Life Licence Sponsorship

6 A&S Name of Licence A&S Sponsorship Background Checks Credit Police All first-time applicants for a life and/or A&S licence and those seeking reinstatement after more 6 months from the expiry of the certificate must submit a security clearance document that they obtain from their local RCMP detachment or municipal policy force. Also accept criminal record checks provided by BackCheck. E X A M I N A T I O N Fees Full LLQP $100 A&S $50 Protocol Certification Appointment Frequency and location Original certificate of completion from course provider must be included with first attempt of exam registration. Fee must be paid at time appointment is made, walk-ins will be accepted if space available Each Monday in Calgary and Edmonton Once a month in Red Deer, Lethbridge and Grande Prairie Other locations on request Format Language Results Paper English and French Available next day. Candidate confirms result on-line using userid and password provided at time of registration.

7 Retry After three (3) unsuccessful attempts, candidate must wait six (6) months between each subsequent retry R E I N S T A T E M E N T Period Two (2) years from date of suspension Must satisfy CE requirements if re-applying within 6 months of expiry of certificate. If re-applying more than 6 months from the expiry of the certificate, must provide a new criminal record check. L I C E N C E S T A T U S C O N F I R M A T I O N Web Based Currency Yes, go to Information Look Up and select Agent & Agency Search on home page at Updated daily C O N T A C T I N F O R M A T I O N To whom may insurers inquire re agent licensing and regulation? Alberta Insurance Council Edmonton Tel (780) Fax (780) Calgary Tel (403) Fax (403) Updated: May 2012

8 B A S I C R E Q U I R E M E N T S Annual Fees Licence $225 from June 1 Feb 29, $250 from March 1 May 31. See Council website for further details. Annual Filings $120, effective June 1, 2012 Late Annual Filing Non-resident fee $ on or after June 2, 2012 up to and including July 31, Same as Resident Corporate (agency) licence fee $225 from June 1 Feb 29, $250 from March 1 May 31. See Council website for further details. Annual Filings Period Expiry date Continuous licence, annual filing June 1 st - annual filing requirements Errors & Omissions Mandatory Per claim Aggregate Deductible Fraud Tail Yes Note: separate and distinct policy required for agencies with more than one authorized representative. $1 million $2 million specified No No Continuing Education Mandatory Credit hours/year Yes With an approved designation: 5 technical credits. If licensed for 5 of the last 7 years and without an approved designation 10 technical credits. If not licensed for 5 of the last 7 years and without an approved designation 15 technical credits.

9 See Council website for details and list of approved designations. If Licensee holds an approved designation and is required to keep the designation in good standing by completing continuing education each year, he or she is exempt from Council s continuing education requirements. Reporting period Carry forwards Record retention period Restrictions on credits June 1 st annually starting with June 1, 2009 licence year. Five (5) years Agent responsibility that course qualifies Guidelines provided by Insurance Council LLQP does not count as CE if used to obtain a first licence Reporting protocol Agent makes declaration on annual filing audits conducted. Non-resident Exam requirements waived Generally if licensed in other Canadian jurisdiction exam waived. Others case by case. Applicants must first be licensed for the same class of insurance in their home jurisdiction, unless otherwise approved by Council (sometimes individuals are exempt in their home jurisdiction). If home jurisdiction has website with access to current licence status and details then a Certificate of Authority is not required. If not, then require a Certificate of Authority dated no more than 90 days prior to receipt in Council's office. Supervision CE credits Non-residents whose home jurisdiction has a mandatory continuing education requirement will not be required to meet Council s requirements provided they keep their licence in good standing in their home jurisdiction. Other Conditions/Limitations Part-time permitted Yes

10 Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other Agents may engage in another occupation provided no conflict of interest or the possibility of undue influence arising No prohibition on agents engaging in sale of other financial services (except if the licensee is operating from a savings institution and that position grants him/her decision-making authority where there is potential to exert undue influence). May receive without licence Agents responsible for numerous self-reporting requirements under Insurance Council Rules. E N T R Y R E Q U I R E M E N T S LLQP Full Name of Licence Life and A&S Insurance Agent A&S Name of Licence A&S Agent May only sell Accident & Sickness Background Checks Credit Police Not done Candidate must obtain original criminal record check from local police detachment and submit along with application (some police detachments forward criminal record checks directly to Council s office). E X A M I N A T I O N Fees Full LLQP $100 A&S $100

11 Protocol Certification Appointment Frequency and location Format Language Must provide an original certificate of completion from a recognized course provider. Fee must be paid and an appointment made prior to exam date through Insurance Council. For out-oftown exams, the exam fee is paid to Council and Council sends exam to proctor. Fees, forms and schedules available on website. Exams held every two weeks in Vancouver, usually Wednesdays. Out-of-town exams held at various points in B.C. Continued Paper English Results Available next day Reported to applicant Reported to manager and insurer with written authorization Retry After two (2) tries, one (1) month. After three (3) tries (and every try thereafter), six (6) months R E - A P P L I C A T I O N S Period Generally if licensed and active in industry for two (2) years immediately before licence termination and reinstate within two (2) years from date licence was terminated. Otherwise may have to demonstrate qualifications. See Council Rule 2(19) for specifics. Reapplication Where licensees advise they no longer meet licensing requirements (i.e., loss of authority to represent) license status is changed to Inactive. No fee required to reactivate. Must continue to make annual filings.

12 L I C E N C E S T A T U S C O N F I R M A T I O N Web-based Currency Yes, go to Search Licensees on home page at Updated continuously C O N T A C T I N F O R M A T I O N To whom may insurers inquire re agent licensing and regulation? Insurance Council of British Columbia Regulatory Services Department Tel (604) Fax (604) Toll-free within BC: Updated: April 2012

13 B A S I C R E Q U I R E M E N T S Annual Fees Licence Licence renewal Non-resident fee Corporate (agency) licence fee $150 Life only, $90 A+S only $150 Life only, $90 A+S only $150 Life only, $90 A+S only Renewal Period One (1) year Expiry date May 31 Errors & Omissions Mandatory Per claim Aggregate Deductible Fraud Tail Yes $1 million $5 million Yes Five (5) year Continuing Education Mandatory Yes Credit hours/year 15 Reporting period June 1 to May 31 Exempt for the licensing year the agent completed the LLQP Examination Carry forwards Record retention period No Two (2) years

14 Restrictions on credits Must be directly related to life and accident & sickness insurance products or services, or the operation of an insurance business as per Council s definition Must be obtained through an accredited course provider with ICM Maximum of 5 CE credits of the required 15 may be related to segregated funds Reporting protocol Agent makes declaration on the licence renewal application and enters credits online Non-resident Exam requirements waived Out-of-province licenses are generally recognized but agent should check with Council for special circumstances US resident agents must complete the LLQP to obtain a Manitoba licence Restrictions Supervision CE credits Must provide non-resident endorsement which must include information on the history of their licensing and how the level of licence was attained from the licensing body in the home jurisdiction Supervising agent must be licensed in Manitoba and meet qualification requirements (see Supervisor below) Non-residents residing in jurisdictions that have continuing education requirements will be deemed to have met the requirement in Manitoba. Agents/Brokers residing in a jurisdiction where continuing education is not mandatory are required to comply with Manitoba's continuing education requirement. Other Conditions/Limitations Part-time permitted Yes Effective June 1, 2012 a Supervising Agent must be an active life agent on a full-time basis. The supervisor must consider the sale of life insurance as being their full-time primary occupation (see Supervisor below).

15 Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other Agent may engage in another occupation provided no conflict of interest or undue influence is evident (Letter of Undertaking may be required) No prohibitions on engaging in sale of other financial services. Must operate and have an access separate and distinct from any financial institution other than a licensed insurance company. May receive without licence as long as they do not fall into the definition of an "agent" E N T R Y R E Q U I R E M E N T S LLQP Full Name of Licence Life Insurance Agent Supervision required for a Life Insurance Agent with less than one year of experience Sponsorship required Agent must identify supervisor in a declaration, and provide Council with an agreement by the supervisor to act as such and any other information as required May only represent sponsoring insurance company to sell Accident & Sickness products if the agent only holds a Life licence A&S Name of Licence A&S Insurance Agent No supervision requirement for A&S agents Background Checks Credit Agents subject to personal bankruptcy or engaged in any business which has been subject to bankruptcy proceedings must submit a copy of the bankruptcy discharge or a copy of the documents that were filed with the trustee including the list of creditors

16 Police First-time applicants for a Life and/or A&S licence and those seeking reinstatement after more than one year must submit an original criminal record check (completed within 6 months) obtained from their local RCMP detachment or local police. If search indicates a criminal record may exist, an original criminal record printout completed by fingerprints is required, with the exception of conviction for a single DUI. Background checks are currently not accepted when completed through a third party provider. E X A M I N A T I O N Fees Full LLQP $ A&S $ Protocol Certification Original LLQP Certificate must be received by Council prior to or the day of the examination Only required for the first attempt Only valid for one year from the completion date Appointment Exam/licence applications and LLQP certificate must be received and appointment made to write exam Frequency and location Exams held at Insurance Council of Manitoba, Lombard Ave., Winnipeg once per week on Tuesday by appointment at 9:00 am. Special arrangements made for Brandon, Dauphin, Flin Flon, The Pas, Swan River and Thompson. If writing outside of Winnipeg, the applicant must pre-pay the examination fee. Format Language Results Paper English and French Available same day by phone (usually) with letter to follow Reported to applicant and insurer Retry After three (3) attempts, candidate must wait six (6) months, from the date of their first exam attempt and apply with a new fully completed exam/licence application and current LLQP certificate (if applicable)

17 R E I N S T A T E M E N T Period One (1) year from date his or her last issued licence expired/cancelled Must meet the requirements of the Licensing Rules, The Insurance Act and the Regulations under The Act S U P E R V I S O R Qualifications Life Insurance agent with three (3) continuous years experience (until June 1, 2012) Effective June 1, An active life insurance agent on a full-time basis with three (3) continuous years experience (the supervisor must consider the sale of life insurance as being their full-time primary occupation) Licensed in Manitoba Responsibilities Supervise and review all the insurance activities (including all insurance related material) of the new agent and countersign needs analysis, replacement declaration and comparative analysis L I C E N S E S T A T U S C O N F I R M A T I O N Web Based Currency Yes, go to Agent & Agency Search on home page at Updated daily

18 C O N T A C T I N F O R M A T I O N To whom may insurers inquire re agent licensing and regulation? Insurance Council of Manitoba Stacey Aubrey Supervisor, Licensing & Administration saubrey@icm.mb.ca or Sandi Saluk Licensing Officer ssaluk@icm.mb.ca Tel (204) Fax (204) General contactus@icm.mb.ca Web-site: Updated: April, 2012

19 B A S I C R E Q U I R E M E N T S Annual Fees Licence Licence renewal Non-resident fee Corporate (agency) licence fee $35 ($70 payable every 2 years) $35 Reciprocal but $50 minimum Not issued Renewal Period Expiry date Two (2) year if licensed and in good standing for five (5) years, one (1) year for all others Anniversary of date of issue All licences expire on either, March 31, June 30, September 30 or December 15 Errors & Omissions Mandatory Per claim Aggregate Deductible Fraud Tail No Continuing Education Mandatory Credit hours/year Reporting period Carry forwards Record retention period Restrictions on credits Reporting protocol No

20 Non-resident Exam requirements waived Yes, if licenced in resident province Must supply a Certificate of Authority from home jurisdiction Must register the agency/corporation under the New Brunswick Business Corporations Act through the New Brunswick Corporate Affairs Branch Supervision CE credits Supervising agent must be licensed in agent s resident province Not applicable Other Conditions/Limitations Part-time permitted Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other Yes. However, agents are required to work a minimum of 20 hours per week. Permitted, but the Superintendent must review to ensure that agent s integrity, independence or competence is not jeopardized Permitted, but the Superintendent must review to ensure that agent s integrity, independence or competence is not jeopardized May receive without license if not acting as an agent. E N T R Y R E Q U I R E M E N T S LLQP Full Name of Licence Life & A&S Sponsorship A&S Name of Licence A&S Sponsorship

21 Background Checks Credit Police No (However, bankruptcies are reviewed as part of suitability determination) Routine for all new resident agents. As part of application, agent completes the form for a Canadian Police Information Centre (CPIC) check E X A M I N A T I O N Fees Full LLQP $125 A&S $125 Protocol Certification Appointment Frequency and location Format Language Results Original LLQP course provider certificate required for each sitting Yes, pre-registration with Durham College or Twenty-one sittings per year in Fredericton. Contact Examination Administrator for schedule Paper English or French Within 5 working days Reported to applicant Retry Full Life, and Accident & Sickness exams (type of exam) may each be attempted three times. After the third attempt for any given type of exam, a six (6) month waiting period is required between each additional attempt for that type of exam. R E I N S T A T E M E N T Period Two (2) years from date at which licence was last active Subject to discretion of Superintendent

22 L I C E N C E S T A T U S C O N F I R M A T I O N Web-based Yes English - French - Currency Updated continuously C O N T A C T I N F O R M A T I O N To whom may insurers inquire re agent licensing and regulation? New Brunswick Superintendents Office Tel (506) Fax (506) insurb@gnb.ca Updated: May 2012

23 B A S I C R E Q U I R E M E N T S Annual Fees Licence Licence renewal $125 $125 Non-resident fee $125 Corporate (agency) licence fee $300 Renewal Period Expiry date One (1) year No expiry date, annual filing due on the end of the month of the anniversary date of issue Errors & Omissions Mandatory Per claim Aggregate Deductible Fraud Tail Yes $1 million $10,000 (maximum, unless approved by Superintendent) Yes Continuing Education Mandatory Credit hours/year Reporting period Carry forwards Record retention period Restrictions on credits Reporting protocol No

24 Non-resident Exam requirements waived Yes, if licensed in resident province Level 1 agents grandfathered to Full are not eligible for a non-resident licence Must provide proof of licensing from resident province Supervision CE credits Supervising agent must be licensed in agent s resident province Not applicable Other Conditions/Limitations Part-time permitted Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other Yes, but restricted, new licencees are required to work a minimum of 21 hrs per week No conditions No prohibitions on agents engaging in sale of other financial services May receive without licence provided not acting as a representative Fidelity Insurance for an amount of at least $100,000 in respect of an occurrence. Policy shall not contain a deductible clause in an amount greater than $10,000 unless approved by the Superintendent E N T R Y R E Q U I R E M E N T S LLQP Full Name of Licence Life (including Accident and Sickness) Insurance Representative Sponsorship

25 A&S Name of Licence Accident and Sickness Insurance Representative Sponsorship Background Checks Credit Police E X A M I N A T I O N Fees Full LLQP $100 A&S $75 Protocol Certification Appointment Frequency and location Format Language Results The candidate must bring the original certificate and a photocopy of the original to the examination centre. The proctor will verify that the course was completed and retain the photocopy In the St. John s area, appointments must be made at least two (2) days prior to exam date by calling (709) Outside the St. John s area, exam sittings must be scheduled by calling (709) In the St. John s area, exams are held every second Wednesday at the College of the North Atlantic, Prince Philip Parkway, St. John s. Outside of the St. John s area, exams are held at the various campuses of the College of the North Atlantic and are normally held within two (2) weeks of the request or to a maximum one (1) month period from date of the initial request. Paper English Within 5 Business days Reported to applicant

26 Retry After three (3) attempts, candidate must wait six (6) months R E I N S T A T E M E N T Period Two (2) years from date at which licence was last active L I C E N C E S T A T U S C O N F I R M A T I O N Web-based Currency List of valid licenses posted weekly on website C O N T A C T I N F O R M A T I O N To whom may insurers inquire re agent licensing and regulation? Service NL Financial Services Regulation Division Tel (709) Fax (709) Updated: May 2012

27 B A S I C R E Q U I R E M E N T S Annual Fees Licence Licence renewal Life $100, reduced by 50% on initial application made after April 1 A&S $100, reduced by 50% on initial application made after April 1 Life $100 A&S $100 Non-resident fee Corporate (agency) licence fee Not issued Renewal Period One (1) year Expiry date September 30 Errors & Omissions Mandatory Per claim Aggregate Deductible Fraud Tail No Continuing Education Mandatory Credit hours/year Reporting period Carry forwards Record retention period Restrictions on credits Reporting protocol No

28 Non-resident Exam requirements waived Yes A non-resident endorsement issued by the insurance licensing authority in the applicant s resident jurisdiction Supervision CE credits Other Conditions/Limitations Part-time permitted Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other Yes Agents may engage in another occupation provided no conflict of interest Life agents may not work as mortgage brokers. Mutual funds and Real Estate are regulated by other legislation May receive without licence if service renewal commission does not exceed 5% of premium and if not active in renewals process E N T R Y R E Q U I R E M E N T S LLQP Full Name of Licence Life Licence Sponsorship A&S Name of Licence A & S Licence Sponsorship

29 Background Checks Credit Police, other than question about criminal record on application E X A M I N A T I O N Fees Full LLQP $135 A&S $135 Protocol Certification Appointment Frequency and location Format Language Results The original Certificate of Completion of the LLQP Course must be submitted to the exam proctor. Application and fee submitted directly to Durham College and an appointment is confirmed by , fax or phone. One- to two-week notice required to make arrangements. Application forms available at or by phone Exams held at Aurora College, Yellowknife on an asneeded basis Paper English or French 48 hours Reported to applicant by , fax or phone Retry After two unsuccessful attempts, on the anniversary of the first attempt REINSTATEMENT Period One (1) year from date when most recent license expire Non-Resident must be in good standing with regulator in residing jurisdiction

30 L I C E N C E S T A T U S C O N F I R M A T I O N Web Based Currency No C O N T A C T I N F O R M A T I O N To whom may insurers inquire re agent licensing and regulation? Government of the Northwest Territories Office of the Superintendent of Insurance Alex Lambrecht Alex_Lambrecht@gov.nt.ca Tel (867) Fax (867) Updated: May 2012

31 B A S I C R E Q U I R E M E N T S Annual Fees Licence Licence renewal Non-resident fee Corporate (agency) licence fee $ ($365.30, payable every 3 years) $ ($365.30, payable every 3 years) $ ($365.30, payable every 3 years) $ ($365.30, payable every 3 years) Renewal Period Expiry date Three (3) years Last day of month issued Errors & Omissions Mandatory Per claim Aggregate Deductible Fraud Tail No Continuing Education Mandatory Credit hours/year Reporting period Carry forwards Record retention period Restrictions on credits Reporting protocol No

32 Non-resident Exam requirements waived Yes Must be actively licensed in home province Must provide current and original Certificate of Authority for provinces that do not have an on line agent listing. If applying for LLQP License, must provide copy of LLQP licensing exam results for home province in letter format. Supervision CE credits Other Conditions/Limitations Part-time permitted Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other Yes, with the approval of the Superintendent Agents may engage in another occupation provided no undue influence or conflict, with the approval of the Superintendent No prohibitions on agents engaging in sale of other financial services. May receive without licence E N T R Y R E Q U I R E M E N T S LLQP Full Name of Licence Full agent Agent may only place business with sponsoring company during first two (2) years or use single case agreement A&S Name of Licence A&S agent Agent may only place business with sponsoring company during first two (2) years or use single case agreement

33 Background Checks Credit Police Routine checks on all new agents E X A M I N A T I O N Fees Full LLQP $60.88 A&S $60.88 Protocol Certification Appointment Frequency and location Format Language Results Must provide original LLQP certificate of completion at time of registration for the exam. Exam registration form and fee must be filed with the department the Wednesday prior to the exam date at noon. Exams held the first and third Friday of every month, 8:30 a.m. at Dalhousie University, Student Union Building, 6136 University Avenue, Halifax, NS Paper English and French Mailed next business day & posted on the internet same day If outside Halifax, available by upon written request Retry After three (3) attempts, candidate must wait six (6) months. REINSTATEMENT Period Two (2) years from date at which licence was last active

34 L I C E N C E S T A T U S C O N F I R M A T I O N Web Based Yes Note: Click on Insurance on home page tool bar then prompt drop-down list click on "Licensing" and then on Insurance Agents or Insurance Agencies Currency Updated continuously C O N T A C T I N F O R M A T I O N To whom may insurers inquire re agent licensing and regulation? N.S. Office of the Superintendent of Insurance Department of Finance, Financial Institutions Division Tel (902) or (902) Fax (902) soucyl@gov.ns.ca brufats@gov.ns.ca Website: Updated: April 2012

35 B A S I C R E Q U I R E M E N T S Annual Fees Licence Licence renewal Life $100 reduced by 50% on initial application made after April 1 A&S $100 reduced by 50% on initial application made after April 1 Life $100 A&S $100 Non-resident fee Corporate (agency) licence fee Not issued Renewal Period One (1) year Expiry date September 30 Errors & Omissions Mandatory Per claim Aggregate Deductible Fraud Tail No Continuing Education Mandatory Credit hours/year Reporting period Carry forwards Record retention period Restrictions on credits Reporting protocol No

36 Non-resident Exam requirements waived Yes A non-resident endorsement issued by the insurance licensing authority in the applicant s resident jurisdiction Supervision CE credits Other Conditions/Limitations Part-time permitted Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other Yes Agents may engage in another occupation provided no conflict of interest Life agents may not work as mortgage brokers. Mutual funds and Real Estate are regulated by other legislation May receive without licence if service renewal commission does not exceed 5% of premium and if not active in renewals process E N T R Y R E Q U I R E M E N T S LLQP Full Name of Licence Life Licence Sponsorship A&S Name of Licence A & S Licence Sponsorship

37 Background Checks Credit Police E X A M I N A T I O N Fees Full LLQP $135 A&S $135 Protocol Certification Appointment Frequency and location Format Language Results The original Certificate of Completion of the LLQP Course must be submitted to the exam proctor Application and fee submitted directly to Durham College and an appointment is confirmed by , fax or phone. One- to two-week notice required to make arrangements. Application forms available at or by phone Exams held at Arctic College on an as-needed basis Paper English or French 48 hours Reported to applicant by , fax or phone Retry After two unsuccessful attempts, on the anniversary of the first attempt R E I N S T A T E M E N T Period One (1) year from date when most recent license expire Non-Resident must be in good standing with regulator in residing jurisdiction

38 L I C E N C E S T A T U S C O N F I R M A T I O N Web Based Currency No C O N T A C T I N F O R M A T I O N To whom may insurers inquire re agent licensing and regulation? Government of the Northwest Territories Office of the Superintendent of Insurance Alex Lambrecht Alex_Lambrecht@gov.nt.ca Tel (867) Fax (867) Updated: April 2012

39 B A S I C R E Q U I R E M E N T S Annual Fees Licence Licence renewal Non-resident fee Corporate (agency) licence fee Partnership (agency) Licence fee $75 ($150 payable every 2 years) $75 ($150 payable every 2 years) $75 ($150 payable every 2 years) $200 ($400 payable every 2 years) $200 payable every 2 years Renewal Period Expiry date Two (2) years Anniversary of date of issue Errors & Omissions Mandatory Yes, Life Insurance Agent No, A&S Insurance Agent Per claim Aggregate Deductible Fraud Tail $1 million $2 million specified. Insurer pays first dollar and collects from insured. Yes Two (2) years Continuing Education Mandatory Yes, Life Insurance Agent Credit hours/year 15 No, A&S Insurance Agent Reporting period Carry forwards Record retention period Restrictions on credits Two (2) years, at licence renewal At least four (4) years FSCO may review courses

40 Reporting protocol Agent makes declaration on application Subject to audit Non-resident Exam requirements waived Supervision CE credits Other Conditions/Limitations Part-time permitted Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other Yes Certificate of Authority or Letter of Status may be requested if status cannot be confirmed on website of resident jurisdiction Supervising agent must be licensed in agent s resident province Must comply with Ontario requirements of 15 hours per year Yes Agent may not engage in occupations which would jeopardize the agent s integrity, independence or competence No prohibitions on agents engaging in sale of other financial services. May receive without licence All applications are subject to background checks to determine suitability for licensing E N T R Y R E Q U I R E M E N T S LLQP Full Mailing address required that is in Ontario, that is not a post office box and that is suitable to permit service by registered mail Name of Licence Life Insurance Agent Sponsor required until two (2) years experience

41 A&S Name of Licence A&S Insurance Agent Sponsor required Background Checks Credit Police No, except for special investigations Yes E X A M I N A T I O N Fees Full LLQP A&S $95 paper/$80 computer $95 paper/$80 computer Protocol Certification Appointment Frequency and location Format Language Results LLQP course provider certificate must be provided to Exam Administrator, Durham College, each time exam scheduled. Appointments for exams must be made with Durham College. Exams can be written at colleges throughout Ontario with sittings scheduled on a weekly or monthly basis depending on location. See for details or call Paper and electronic English and French Toronto same day. Others within two (2) days Reported to applicant Reported to manager and insurer with authorization Reported to FSCO, if passed

42 Retry After three attempts, wait six months from third attempt. Each subsequent attempt requires a further six month waiting period. Attempting the exam in other provinces during the six-month waiting period is prohibited. Attempts made prior to September 1, 2005 are not counted. Must pay exam fee for each attempt REINSTATEMENT Period Two (2) years from date at which licence was last active Same as for licence renewal L I C E N C E S T A T U S C O N F I R M A T I O N Web Based Currency Yes, go to home page at then go to Licensing Link" Updated continuously C O N T A C T I N F O R M A T I O N To whom may insurers inquire re agent licensing and regulation? Financial Services Commission of Ontario (FSCO) by at elicence@fsco.gov.on.ca Website: Tel (416) , or Fax (416) Updated: April 2012

43 B A S I C R E Q U I R E M E N T S Annual Fees Licence Licence renewal Non-resident fee Corporate (agency) licence fee $100 ($200 payable every two years) $100 ($200 payable every two years) $100 ($200 payable every two years) Not issued Renewal Period Expiry date Two (2) years Anniversary of date of issue Errors & Omissions Mandatory Per claim Aggregate Deductible Fraud Tail No Continuing Education Mandatory Credit hours/year Reporting period Carry forwards Record retention period Restrictions on credits Reporting protocol No

44 Non-resident Exam requirements waived Supervision CE credits Yes. If licensed in another jurisdiction with equivalent qualification standards. Other Conditions/Limitations Part-time permitted Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other No Agents only permitted to engage in sale of financial services. Agents not permitted to sell real estate. No other prohibitions on agents engaging in sale of financial services. May receive without licence E N T R Y R E Q U I R E M E N T S LLQP Full Name of Licence Life and A&S A&S Name of Licence A&S agent Background checks Credit Police No Yes (discretionary)

45 E X A M I N A T I O N Fees Full LLQP $50 A&S $50 Protocol Certification Appointment Frequency and location Format Language Results Original LLQP course provider certificate required for each sitting. Appointments are made at the office of the Superintendent of Insurance. Exams held at least monthly, as required at the Office of Superintendent of Insurance, 95 Rochford Street, 4 th Floor, Shaw Building, Charlottetown. Paper English Same day and by telephone Reported to applicant Reported to manager and insurer, if requested Retry Two (2) weeks R E I N S T A T E M E N T Period Two (2) years from date at which licence would have expired L I C E N C E S T A T U S C O N F I R M A T I O N Web Based Currency Updated continuously

46 C O N T A C T I N F O R M A T I O N To whom may insurers inquire re agent licensing and regulation? Prince Edward Island Superintendents Office Janice Callbeck Tel (902) Fax (902) Updated: April 2012

47 B A S I C R E Q U I R E M E N T S Annual Fees Licence Licence renewal $82 + $35 (study fee) $82 Non-resident fee $82 Firm, independent partnership Fonds d'indemnisation (billed to the firm, per individual) CSF membership (mandatory) $82 per representative per category $160 $226 + taxes ($257.47) for a year Renewal Period Expiry date One (1) year (except the first issue that can be valid for a period between 6 and 17 months) Anniversary of date of issue Errors & Omissions Mandatory Yes (professional liability insurance) Per claim $500,000 Not required for representatives employed by the firm Aggregate $1 million Deductible $10,000 Fraud Tail Five (5) years from the date the representative ceases to pursue activities Continuing Education Mandatory Credit hours/year Yes Ten professional development units (PDUs) in general subject, 10 PDUs in compliance with ethical standards or professional practice and 10 PDUs in each sector for which the representative holds a certificate issued by the Autorité des marchés financiers.

48 * Every 2 reference periods, the 10 PDUs a representative must accumulate under subparagraph b of the first paragraph must include 3 PDUs related to a training activity developed by the Chamber and provided by it or in partnership with it in the subjects of compliance with standards, ethics or business conduct or on changes in the legal rules governing the activities covered by the authorization he holds. Excess PDUs in specific sectors and in compliance with ethical standards or professional practice may count as PDUs in general subjects. Reporting period Carry forwards Record retention period Restrictions on credits Reporting protocol Two (2) years starting December 1 and ending November 30 of the next year Upon application by a representative, a maximum of 5 excess PDUs pertaining to training activities in which he took part between 1 September and 30 November of an odd-numbered year may be carried over to the following reference period. Two (2) years following end of reporting period Chambre de la sécurité financière recognizes training activities Representative must provide proof of participation in training activities recognized by Chambre de la sécurité financière May be subject to audit Non-resident Exemption from some exams Yes A candidate is exempt from: the minimum qualifications; the examinations corresponding to the candidate's skills; the probationary period. Must have been licensed in another province for at least 24 months in the last 36 months. CE credits Courses must be pre-approved

49 Other Conditions/Limitations Part-time permitted Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other No Regulation lists occupations incompatible with employment as a representative Representatives may not sell real estate. No other prohibitions on representatives engaging in sale of other financial services May receive without licence if representative is not providing services anymore E N T R Y R E Q U I R E M E N T S Life Name of licence Representative in insurance of persons Basic A minimum qualification : A diploma of collegial studies issued in Québec; or A decision of the AMF regarding equivalent education or workplace skills; An attestation of collegial studies in insurance of persons recognized in an agreement between the AMF and a general and vocational college of Québec; or A university-level certificate in insurance of persons recognized in an agreement between the AMF and a university; or Other academic or professional qualifications as specified by AMF. AMF licensing exams Supervision required for 12 weeks

50 Other An applicant for a representative s certificate must choose a way to carry on business, i.e., as attached to a firm, as an employee or associate of an independent partnership or as an independent representative. For an attached representative to change firms, the new firm must complete an Application for Joining a Firm or an Independent Partnership. It should be noted that Quebec representatives in insurance of persons may not sell group insurance or group annuity plans. For group insurance, the minimum training is the same as the insurance of persons sector. But candidates must also successfully complete the following courses : Comply with legislation applicable to the activity of a representative in the group insurance of persons sector. Evaluate the tax impacts of a group insurance and group annuity contract. Prepare a group insurance recommendation taking the client's needs into account and based, in particular, on an analysis of his financial situation and his ability to pay the premium. Prepare a group annuity recommendation taking the client's needs into account and based, in particular, on an analysis of his financial situation and his ability to pay the premium. AMF licensing exams in group insurance and group annuity plans Supervision required for 6 or 12 weeks A&S Name of Licence Representative in accident and health insurance

51 Basic Minimum qualification: Secondary school diploma; or Attestation of an equivalent of Secondary V Studies (AESS); or Diploma of vocational studies; or Diploma of Collegial Studies from Québec; or Bachelor s degree, specialized graduate diploma, Master s degree or doctoral degree issued by an Canadian university; or A comparative evaluation for studies done outside Quebec issued by the Ministère de l Immigration et des communautés culturelles du Québec indicating a level of education equivalent to a secondary school diploma; or A certificate in accident and sickness insurance issued by AMF after October 1, 2002, that was held for at least one year; Title of Chartered Insurance Professional (CIP) issued by the Insurance Institute of Canada; or Title of Fellow, Chartered Insurance Professional (FCIP) issued by the Insurance Institute of Canada; or Title of Fellow, Life Management Institute (FLMI) for the LOMA Society. AMF Licensing exams Supervision required for 6 weeks Background Checks Credit Police Candidate must complete a questionnaire on application to be completed by candidate For new representatives E X A M I N A T I O N Fees Life Group insurance $128 (plus $63 administrative fee, plus $44 record opening fee, if applicable) $128 (plus $63 administrative fee, plus $44 record opening fee, if applicable)

52 A&S $128 (plus $63 administrative fee, plus $44 record opening fee, if applicable) Protocol Appointment Frequency and location Format Language Results Exam fee must be paid and registration form completed Exam held weekly in Montreal and Quebec City, and once a month in Gatineau (Hull),, Rouyn-Noranda, Jonquière, Rimouski and if the number of registration applications warrant it AMF may hold up to 6 examination sessions a year in Gaspésie and Côte-Nord regions a year. Also, if needed the AMF can arrange exam session in other Canadian provinces. Exam for insurance of persons consists of five, onehour multiple-choice exams. Exam for group insurance of persons consists of five, one-hour multiple-choice exams. A&S exam consists of two, one-hour multiple-choice exams English and French Within two (2) weeks after exam by mail Reported to applicant Reported to any other person with signed authorization from the applicant, subject to a $23 fee Retry If a candidate fails the initial examination, he may write up to three supplemental exams. Each one must be taken within two years of the date of the last failed exam. After the two-year period, he may register again for an initial exam. R E I N S T A T E M E N T Period Up to one year/one to three years/more than three years Up to one year representative must pay license fee of $82 plus reinstatement fee of $35 and meet continuing education requirements One to three years representative must write exam on legal concepts, pay exam fee of $128 (plus administrative fee of $63) and licence fee of $82 plus reinstatement fee of $35 More than three years no reinstatement, treat as new license application

53 S U P E R V I S O R Fee $62 Qualifications Responsibilities Must have been licensed for at least 24 of the last 36 months in the same sector or sector encompassing sector class of trainee Supervise maximum of five (5) trainees Contact trainee at least once a week Approve all proposals prepared by trainee before presentation to client Help the holder gradually pursue the activities reserved for representatives Approve and countersign application and other forms Report to AMF on performance of trainee L I C E N C E S T A T U S C O N F I R M A T I O N Inform AMF within five (5) days of termination or interruption of training Web Based Currency Yes, go to click first on "View the Register of firms and individuals authorized to practice" Updated daily

54 C O N T A C T I N F O R M A T I O N To whom may insurers inquire re representative licensing and regulation? Autorité des marchés financiers (AMF) Tel (418) , (514) or Fax (418) Website: or Chambre de la sécurité financière Tel (514) or Fax (514) Website: or Centre d appel de la formation Tel: (514) or ufc@chambresf.com Updated: April 2012

55 B A S I C R E Q U I R E M E N T S Annual Fees Licence $100 Licence renewal $100 Non-resident fee $100 Corporate (agency) licence fee $95; and renewal fee Renewal Period Expiry date One (1) year Anniversary of date of issue Errors & Omissions Mandatory Per claim Aggregate Deductible Fraud Tail Yes $1 million $1 million Continuing Education Mandatory Credit hours/year Reporting period Carry forwards Record retention period Restrictions on credits Reporting protocol Yes 30 hours over two (2) years Two (2) years Three (3) years Reading is not recognized for continuing education. Council maintains list of accredited course providers. Agent lists credit hours and makes a declaration on the annual reporting form.

56 Non-resident Exam requirements waived Supervision CE credits Yes If licensee has less than two (2) years of experience, supervision is required Supervising agent must be licensed in Saskatchewan and have three (3) years licensed experience Non-residents must comply with Saskatchewan CE requirements or provide evidence of compliance in their resident jurisdiction Other Conditions/Limitations Part-time permitted Other occupations Financial Services Service Renewal Commissions Insurance (aside from E&O) or bond Other Yes Agents may engage in another occupation provided no coercion or undue influence No prohibitions on agents engaging in sale of other financial services May receive compensation without licence, providing not acting as an agent as defined by The Saskatchewan Insurance Act Must pass an investment funds course approved by Council to handle segregated fund transactions unless licensed under LLQP E N T R Y R E Q U I R E M E N T S LLQP Full Name of Licence Life and Accident and Sickness If licensee has less than two (2) years of experience, supervision is required. Supervising agent must sign Supervision Certificate within 10 days of agent taking an application for insurance For replacements attach completed Life Insurance Replacement Declaration (LIRD) to Supervisor Certificate

57 A&S Name of Licence A&S agent If licensee has less than two (2) years of experience, supervision is required. Background Checks Credit Police Criminal record check must be submitted with initial licence application or when requested by Council E X A M I N A T I O N Fees Full LLQP $90 A&S $90 Protocol Certification Appointment Frequency and location Applicants must provide original LLQP course certification to examination centre when scheduling exam. Course certification is held on file. Exam application and fee must be sent to the Insurance Councils of Saskatchewan prior to the date the applicant wishes to write the examination. Exams held weekly in Regina and Saskatoon Format Language Results Retry Paper English Monday by phone, or on Insurance Councils of Saskatchewan website. Results are same day. Three (3) attempts in any six (6) month period