| In
the Industry |
In
this issue |
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Reminder: 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.
Important note for Manitoba
Life and A&S licensees
As of June 1, there have been important changes
in the Continuing Education Definition. Please read the
following statement from the Insurance Council of Manitoba.
Continuing education for a Life and/or Accident and Sickness
licensee must be directly related to life and accident and
sickness insurance products or services, or the operation
of an insurance business.
A maximum of 5 CE credits of the required 15 may be related
to segregated funds. This maximum of 5 may include investment
related education if it is directly applicable and relevant
to segregated funds.
Content excluded from allowable CE credits are programs
based on sales production, promotion, motivation, computer
training, and any education not related to products or activity
for which the licence is held.
Allowable content would include ethics, errors and omissions
coverage and compliance with insurance related legislation
and regulatory requirements both Provincial (Manitoba) and
Federal (e.g. Code of Conduct, the Insurance Act, Rules
and Regulations, Privacy legislation, anti-terrorism or
money laundering legislation, and replacement requirements).
For more information, please visit the Insurance
Council of Manitoba's website.
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In the Industry
Friendly Reminder
At ILScorp: Important outage note;
New courses added; Licensing the ILScorp way and more |
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| Important!
Site maintenance this weekend - June 20 - 22 |
This
weekend we will be working behind the scenes on the
ILScorp website (www.ilscorp.com).
As a result, the site will not be active. We know
that once the maintenance is complete, your eLearning
Centre will be even better, but the down time is needed.
We expect to start the maintenance on Saturday,
June 20 at 9 am PDT and will be complete
by 6 am PDT on Monday, June 22.
Thanks in advance for your cooperation. If you have
any questions or comments about this, please feel
free to contact us at 1-800-404-2211 or at info@ilscorp.com.
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!
Licensing the ILScorp way
In May's On Track Newsletter from ILScorp, we asked
our readers if they currently hold an insurance designation,
such as CAIB, CIP or similar.
Thirty-four percent of respondents said "No."
While people do not get licensed for any number of
personal or professional reasons, getting an insurance
designation can certainly help your career. A designation
will help show clients that you are knowledgeable
and professional. Employers will see your commitment
to your career. And often, there’s an increase
in pay involved.
ILScorp is happy to offer licensing preparation courses
for students in many provinces, in many scopes of
the industry.
For new entrants to the insurance industry, or for
those looking to upgrade their license to a Level
2, ILScorp can help. We offer licensing preparation
courses for students in British Columbia,
Alberta, Ontario,
Nova Scotia and New Brunswick.
All you need to get started is an Internet connection!
ILScorp also offers all four CAIB
courses online. Prepare for your exam with a professional
CAIB instructor in a virtual classroom, 24.7.
For those looking to become life licensed, ILScorp’s
innovative LLQP preparation course
is the first fully-online LLQP in Canada. Students
who have taken the ILScorp LLQP preparation course
have enjoyed a 94.12 percent success rate!
Contact us today or visit our website
to find out how you can quickly and easily get started
in your quest for an insurance designation.
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| Insurance
Adjusters in Manitoba - Your CE deadline is June 30 |
| Insurance
Adjusters in Manitoba are reminded that they need
to have all of their mandatory continuing education
credit hours in place by June 30 in order to renew
their license.
ILScorp is happy to offer hundreds of hours of courses
for insurance professionals in any position, so there
is plenty of choice for those who still need credit
hours.
To get started, visit ilscorp.com
or call us at 1-800-404-2211.
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.
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| New
courses added to ILScorp Annual Subscriptions |
ILScorp has been working hard to add great new video
courses for insurance professionals across Canada.
For General Insurance Agents and Brokers,
take a look at the series of four courses that deal
with SGI CANADA's new Commercial General Liability
policy. The series examines the ins and outs
of the new CGL policy, with SGI CANADA wordings paired
and scenarios to help you understand and apply the
information.
Written and presented by ILScorp Founder Steve Hawrishok,
the courses give comprehensive product knowledge and
like all ILScorp courses, they’re available
online so you can access them from anywhere at any
time.
This course series is included in the Annual
General Subscription. If you don’t
have an Annual General Subscription yet, what are
you waiting for? You can have access to 169 online
courses (that’s 368 credit hours!) for just
$150 per year.
Life and A&S Agents, we've got
you covered, too. Ian Quigley, an ILScorp Strategic
Partner, has created three new video courses just
for Canadian Life and A&S professionals. In the
current economic climate, new hires and established
employees alike are keeping a close eye on employee
benefits.
As a Life and/or Accident & Sickness agent, you
need to know how these benefits can affect your life
and the lives of your clients.
Check out any or all of the three courses: "The
Psychology of Employee Benefits","How
do they get that Price? Employee Benefit Pricing"
and "Innovative Group Benefit Plans"
so you can be on top of the employee benefit market.
These three courses are included in the Annual
Life Subscription. If money is no object
and access to 344 hours of accredited Life and A&S
insurance training is not needed, you can purchase
individual courses on a pay-per-use scale.
Check out our catalog
for more information.
ILSTV turns 1
On June 16, 2008, insurance professionals across
Canada were given a new – and free – source
for industry news when ILSTV
was launched.
Now, just more than a year later, ILSTV is still going
strong and has quickly become the go-to news site
for thousands of Canadian insurance and financial
services leaders.
Since ILSTV was launched, more than 1,400 news pieces
including breaking updates, interviews and analyses,
have been watched. ILSTV has added several new features
for all views, including RSS feeds, transcriptions
and the creation of a daily and weekly newsletter
so viewers can always have access to the news.
Thank you very much for making ILSTV’s first
year a great one! Don’t forget that ILSTV is
updated daily, on every work day of the year.
Holiday hours at ILScorp
Canada's about to celebrate its 142nd birthday and
ILScorp staff will be joining in the festivities across
the country!
As a result, our office will be closed on Wednesday,
July 1. We will be open again as usual on
Thursday, July 2.
From all of us at ILScorp, have a safe and enjoyable
Canada Day!
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