ILScorp What's New | May 21, 2009

May 21 /09 - Issue #18

In the Industry

In this issue

BC Life Agencies will be required to provide proof of E&O coverage

The Insurance Council of British Columbia's Rule 7(11) requires that all life insurance agents, including agencies, maintain minimum E&O insurance of $1 million per claim and a minimum aggregate limit of $2 million that extends to all insurance activities.

An exception extends to life agencies that has only one individual life agent and is set up as a personal corporation and the individual life agent has an E&O insurance policy which extends coverage vicariously to the life agency.

The Council says that many life insurance agencies do not have E&O coverage that complies with Rule 7(11). As a result, as of July 1, 2009, the Council will be asking life agencies to provide proof of E&O coverage.

Those without proper coverage will be in breach of Rule 7(11) which can result in the automatic suspension of the life agency's license and could result in even further action including termination of the license as well as disciplinary action.

For more information on this, please visit the Insurance Council of British Columbia.

Alberta Insurance Council looking for input from consumers

The Alberta Insurance Council is asking for the input of Albertans who have recently purchased travel insurance with a vacation, vehicle warranty insurance or Creditor group life and or accident and sickness insurance with a loan or a mortgage.

Consumers who have recently purchased any of these products and would like to participate in a survey are urged to visit the Council's website.

Survey responses will be used to make recommendations to Alberta's Finance and Enterprise Minister in regards to regulations that govern the distribution of these insurance products.

• In the Industry
• Friendly Reminder
• At ILScorp: our Spring Promotion winner; we want your opinion, ILSTV newsletters and more

Congratulations to our Spring Promotion winner Shawna Ruglass

Congratulations to Shawna Ruglass from Toronto, Ontario! Shawna is the winner of the ILScorp Spring Promotion and is the new owner of an Olympus digital camera.

Shawna works for RBC Insurance in Mississauga, Ontario. Congratulations, Shawna!

Want your chance to win? Keep an eye on www.ilscorp.com for more information about promotions, giveaways and deals.

What do you think?

ILScorp and ILSTV would like to find out what you think the biggest issues in the Canadian insurance industry are right now.

Is it tied to the current state of the economy? Is it hiring and retaining qualified employees? Is it related to public knowledge and impressions of the industry?

We will be compiling the results and then tackling them head on, getting input from consumers, professionals and experts along the way.

So let ILScorp know what you think. Either complete the following form or send an email to editor@ilscorp.com.

We look forward to hearing what you have to say!

Introducing the ILSTV Comments Line

We want to hear from you on the issues and stories you see on ILSTV. Let us know what you think. We will be using a selection of your comments on air in upcoming ILSTV stories.

You can send emailed comments to comments@ilstv.com. Or, if you would prefer to leave a voice comment, call our toll-free feedback line at 1-877-703-2713.

Please be sure to leave your name, phone number, email address and where you live. Don’t worry – ILSTV will not broadcast or publish personal details like your contact information, but we'll need to have it on hand.

For a more complete list of Comment Line policies, please check out this link.

Don't forget the May 31 CE deadline for some in Alberta, Manitoba and British Columbia

Are you a General Insurance Agent or Life and A&S Agent in Manitoba?

Or an Insurance Adjuster in Alberta?

Or a General Insurance Agent, Insurance Adjuster or Life and A&S Agent in British Columbia?

If so, you will need to have all of your continuing education credits in place by May 31, 2009 in order to renew your license. To find out more about provincial licensing requirements, click here.

To get started on your CE credits today, or to take a look at the expansive CE course library, visit the ILScorp website.

Are you in an office with two or more people who need CE credits? Contact ILScorp today to find out how a group membership could save you money.

ILSTV newsletters deliver updates to your inbox

Are you currently receiving any of the ILSTV newsletters?

More than 11,000 subscribers are enjoying the daily and weekly versions, each bringing relevant insurance and financial services information to their inboxes.

The daily version is sent out each day from Monday to Friday and contains the top news stories of the day, with a few extra interesting stories included as well.

The weekly version is sent on Fridays and gives a highlight of the week that passed. Find news, discover industry trends and see what your colleagues in the industry are reading and watching.

As always, both ILSTV newsletters are available for free. If you're not yet a subscriber – or would like to change the details of your subscription – please use the following form to get started.

Follow us on Twitter

Now you can follow both ILScorp and ILSTV on Twitter. Never miss an update or important piece of information. Plus, gain some insight into what actually happens at ILScorp and ILSTV. It’s another way that you can connect and communicate with us – just send a tweet!

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What is Twitter? Twitter is a free social networking and micro-blogging website that lets users see and exchange updates. Each update is text-based and limited to 140 characters, so updates, known as "tweets", are short, sweet and to the point.

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