FSCO is working with CISRO to Update the LLQP
The Financial Services Commission of Ontario (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, and new accident and sickness insurance agents. This initiative involves replacing the educational standards in different provinces with one common standard to be used across Canada. The updated LLQP is scheduled to be implemented in January 2016.
Developing one harmonized standard for insurance intermediaries aligns with the Agreement on Internal Trade to promote labour mobility and supports business activity across Canada. It also responds to requests from the insurance industry for regulators and provincial governments to develop common standards for business.
The common educational standard for insurance intermediaries will also improve the consistency and quality of training currently provided to agents. In 2013, the percentage of each course provider's students who passed the licensing examination on their first attempt ranged from 62 to 98 per cent.
Businesses that Want to Be Approved as Course Providers as of January 1, 2016
Course providers should note that the Superintendent of Financial Services' (Superintendent's) approval of LLQP training courses will expire on December 31, 2015. Providers who wish to offer courses for students writing the updated LLQP exam in Ontario as of January 1, 2016 must first apply to CISRO
for national accreditation. Once accreditation from CISRO has been obtained, the course provider can then apply to the Superintendent for approval of the course in Ontario. For more information, please refer to FSCO's web page on how to obtain approval to offer an LLQP training course in Ontario.
How to Become Licensed as a Life Insurance Agent or Accident and Sickness Insurance Agent
Individuals who want to become licensed as life or accident and sickness insurance agents in Ontario, need to:
- Complete an LLQP training course that has been authorized by the Superintendent of Financial Services (the Superintendent);
- Write and pass the LLQP exam that is offered by the official exam administrator;
- Ensure you have met all of the requirements for becoming licensed as a life or accident and sickness insurance agent, and apply for a licence with FSCO .
Learn More About the LLQP
For more information on the updating of the LLQP, please go to the CISRO website