ILScorp BlogThe latest and greatest info from ILScorp!
Brokerages often regard themselves as being independent of insurance companies, yet their very existence depends upon the insurance company that assumes the risks represented by the policies the broker sells. This tie, in which the broker is the intermediary between the consumer/client and the insurance company, is articulated in the agreements forged between the two entities. Upon completion of this course you will have a strong understanding of the elements of broker agreements.read more
The Insurance Agents and Adjusters Regulation of Alberta sets out the Continuing Education Requirements for insurance agents, brokers and adjusters. Here are the answers to some of the most common questions asked by Agents, Brokers and Adjusters in Alberta. What are the Certificate Terms for Continuing Education? Life and Accident & Sickness insurance agents, General insurance agents and Adjusters are required to complete in each certificate term at least 15 hours of approved continuing education courses. Effective July 1, 2014, a “certificate term” means the period beginning on July 1 and ending on the next June 30. How do I know that I have satisfied my CE requirements? You must log in to AIC and check your CE Summary Report.read more
What happens if you fail to renew your license by May 31? You will be prohibited from acting as an agent. Your agency or sponsoring insurance company will be notified immediately of the expiry of your license. If you wish to apply under the reinstatement process, you will be required to complete ad submit a paper application form, along with the annual licensing fee and the reinstatement fee of $70.00. You will not be able to act as an gent until the Insurance Council of Manitoba approves the application and confirms the reinstatement by email to you. Delays could occur where additional requirements must be submitted for reinstatement.read more
Demand for insurance products and services remains as strong as ever but there has been a fundamental shift in the channels consumers choose to make their purchases. Insurance is generally bought directly through an insurer (through its captive agents, the web or other direct channels) or through independent agents and commercial brokers who provide access to the products of several insurers. Agreements bind brokerages and insurance companies together. The terms of these can vary according to the companies involved. These agreements will document the relationship that exists between the two parties.read more
The ILScorp offices will be closed Monday, May 21, 2018 for the Victoria Day holiday.
We hope that you enjoy your long weekend, and can get out and enjoy the ‘unofficial’ kick off to summer here in Canada!
Our staff will be back in the office on Tuesday May 22 at 9 a.m. PST to answer your questions.
Looking to complete your CE hours this weekend? You can purchase your ILScorp subscription online anytime and get started today.read more
General Insurance Continuing Education Requirements and Definitions for BC. Number of Hours Required: if you have an approved designation* you must have 4 qualified hours of continuing education; OR if you have been licensed as a general insurance agent or salesperson for at least 5 of the last 7 years in a Canadian jurisdiction, and you do not have an approved designation, you must have 6 qualified hours of continuing education; OR if you have not been licensed as a general insurance agent or salesperson agent for at least 5 of the last 7 years in a Canadian jurisdiction and you do not have an approved designation, you must have 8 qualified hours of continuing education.read more
Where did my courses go?
If your courses no longer appear in the courses dropdown in the top menu of your ILScorp account, your courses may have expired.
ILScorp courses are available for a specific amount of time from the date of purchase. CE course subscriptions and individual courses are available for 6 months from the date of purchase, CAIB Courses have 4 months’ access and Level 1 Licensing for 3 months, all with unlimited amount of access. If you log into your ILScorp profile and do not see any courses listed under the “My Courses” tab, you can renew / purchase your course subscription from the ILScorp Course Catalog, or by choosing your subscription category here. Once your purchase is complete, you will have immediate access to your courses.read more
Continuing Education Requirements for a Life and/or Accident and Sickness Licensee in Saskatchewan. Licensees are required to earn a minimum of fifteen credit hours of continuing education in each annual reporting period. Only credit hours earned in a reporting period are eligible unless written consent is provided by Saskatchewan Insurance Council. Failure to comply with the continuing education requirements shall result in a suspension of licence until the licensee has earned the required continuing education credit hours. Definition of Continuing Education. Only courses that provide technical education are considered to qualify as continuing education including courses that directly relate to: Life or accident and sickness insurance products;read more
This new Life/A&S course is now available and included as part of your ILS LIFE/A&S Course Subscription. In this course, learn how in certain cases Split Beneficiary Planning allows for cash extractions (free of dividend tax) from the corporation in excess of actual policy premiums; how a separate and well drafted Split Beneficiary Agreement is required, including a defendable pricing model likely using NCPI as the source cost; and that specialized legal and tax advice may be needed before implementing such planning.read more