June 18 /09 - Issue #19
 
In the Industry In this issue

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.

In the Industry
Friendly Reminder

At ILScorp: Important outage note; New courses added; Licensing the ILScorp way and more




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.

Name:
Email:
Comments:

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.


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.

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!



Copyright © 2009 ILScorp.com. All Rights Reserved.




-------------------------------------------------------------------