FSCO working with CISRO on updating the LLQP
FSCO has joined with Canada's other insurance regulators through the Canadian Insurance Services Regulatory Organizations (CISRO) to streamline and update the entry level qualification program for new life insurance agents. This initiative involves replacing two old standards with one common standard to be used across Canada. The updated program is scheduled to be implemented in January 2016.
Developing one standard aligns with the Agreement on Internal Trade to promote labour mobility and support business across Canada. The insurance industry is also continually asking regulators and Governments to develop common standards for business.
The common standard will address problems in the quality of training currently provided to agents. Some course providers do a poor job compared to others. This is demonstrated by the examination results their candidates achieve. For example, in 2013, the percentage of each course provider’s students that passed the licensing examination on their first attempt ranged from 62 to 98 per cent.
FSCO is committed to keeping insurance agents and other industry stakeholders informed about this initiative.
To comment on the LLQP update, please address comments to:
Ron Fullan, Chair, CISRO
Insurance Councils of Saskatchewan
310 - 2631 - 28th Avenue
Regina SK S4S 6X3
CISRO may post submissions.
The following list contains the names and links to the websites of each of the LLQP course providers. The courses are provided commercially, and course fees are set by the individual course providers. Courses provided by different course providers are designed to cover the same material and are developed using the same curriculum, but they can take different formats, such as a classroom course, correspondence, or Internet. Agents are encouraged to research the various course options to ensure the course selected is appropriate for their needs.
The following insurance companies are also course providers:
Life Licence Qualification Program (LLQP) Examination Rewrite Policy
Effective September 1, 2005, a candidate who is not successful after three attempts at a Life Licence Qualification Program (LLQP) examination is not eligible to write the same type of examination for six months after the date of his or her third unsuccessful attempt. Each subsequent attempt at passing the examination requires a further six month waiting period.
To be eligible to attempt the LLQP examination, a candidate must have a valid certificate from an authorized course provider. If the certificate has expired and the candidate hasn’t passed the LLQP examination, he or she is required to obtain another certificate before being permitted to attempt the LLQP examination. Qualified candidates may make three attempts at passing each of the LLQP examinations (life, accident and sickness) without being subject to the six month waiting period.