All Alberta certificates of authority must be renewed no later than June 30. If you don’t renew your certificates on or before June 30 you will have to complete a new license application.
If I do not renew my Alberta License on-line by June 30th, is there a grace period or can I pay a late penalty/filing fee?
There is no “grace period.” Once your certificate has expired automatically on June 30, you are no longer authorized to act as an insurance agent/adjuster until a certificate has been issued. You will be required to submit a new on-line application that is approved by your recommending insurance company or Designated Representative (as applicable), and submit it with the appropriate fee payment.
I just received my first license earlier this year. Why do I have to pay again to renew my license with the Alberta Insurance Council?
The expiry dates of certificates is set out in Regulation. All certificates issued prior to May 1 expire automatically by the upcoming June 30 and must be renewed prior to that date. Certificates issued on or after May 1 will expire on June 30 of the following year. If your first license was issued on April 1, you will not be required to complete a CE requirement until you renew your certificate in the following year.
I am a non-resident agent/adjuster. Do I have to satisfy CE requirements in Alberta to renew my license?
If you currently hold a license in your resident jurisdiction for the same class of insurance license that you hold in Alberta and if you have satisfied the CE requirement in your resident jurisdiction for which you are not exempt, you will have satisfied Alberta’s CE. You will be required to report your non-resident license number on the CE status page to receive the CE exemption. A list of jurisdictions that have been determined to have a satisfactory CE requirement is posted on the AIC web site. If your jurisdiction is not listed, then you must satisfy Alberta’s CE requirement of completing 15 hours of approved courses CE per year.
New MFDA Continuing Education Requirements
MFDA Continuing Education (CE) requirements establish minimum standards for Approved Persons of MFDA Members to keep their industry knowledge current and maintain a high standard of professionalism.
MFDA Rule 1.2 and 1.2.6 and Policy 9 (collectively the “CE requirements”) came into effect on December 1, 2021. Only recognized Continuing Education (CE) activities taken on or after this date can be reported in the CE Reporting and Tracking System (“CERTS”) and count towards the fulfillment of the new CE Requirements.
PARTICIPANTS (Approved Persons)
“Participant” means any Approved Person who is registered, during a cycle, as a dealing representative, chief compliance officer or ultimate designated person under Canadian securities legislation, or designated by the Member as a branch manager or alternate branch manager, or alternate chief compliance officer under MFDA Rules.
All Participants must complete the required number of credits in each CE cycle. Each cycle will be 2 years in length, starting December 1 of each odd numbered year. This aligns with the CSF’s continuing education cycle.
Participants registered as Dealing Representatives must take 30 credits total in each cycle, which is comprised of:
- 8 Business Conduct (BC) Credits. A minimum of 1 and maximum of 2 of these Business Conduct Credits must relate to ethics. A single Business Conduct Credit consists of 1 hour of training in educational material that promotes, directs and guides ethical and compliant conduct. It includes education regarding ethical issues, MFDA Rules and Policies, other applicable legislation, and Member’s policies and procedures for complying with regulatory requirements. This would include topics such as conflicts of interest, Know-Your-Client standard and suitability, and complaint handling.
- 20 Professional Development (PD) Credits. A single Professional Development Credit consists of 1 hour of training in educational material that maintains or enhances an advisor’s financial knowledge or proficiency. This would include topics such as products, financial planning, and investment strategies and asset allocation.
- 2 MFDA Compliance (MC) Credits. These must be obtained by completing continuing education activities specifically created and designated by the MFDA for the purposes of MFDA Compliance Credits.
Those Participants who are not Dealing Representatives, but are registered or designated as Chief Compliance Officers (CCOs), Ultimate Designated Persons (UDPs), Branch Managers (BMs), Alternate CCOs or Alternate BMs are required to take 10 credits total in each cycle: 8 Business Conduct credits (1 to 2 in ethics) and 2 MFDA Compliance credits.
Mapping of CSF CE Categories to MFDA CE Categories
This table provides guidance on how Chambre de la sécurité financière (CSF) accredited courses are to be used under the MFDA CE Program.
Credits are to be assigned on a 1:1 basis. For example, a course given 2.5 General Subject credits under the CSF CE program would be worth 2.5 Professional Development credits under the MFDA CE Program.
| CSF CATEGORY
||MFDA CE CREDIT COMPONENT
|Insurance of Persons
|Group Insurance of Persons
|Group Savings Plan Brokerage
|Scholarship Plan Brokerage
|Compliance with Standards, Ethics or Professional Conduct
Mapping of FP CANADA CE Categories to MFDA CE Categories
This table provides guidance on how FP Canada (FP) accredited courses are to be used under the MFDA CE Program.
Credits are to be assigned on a 1:1 basis.
FP CANADA CE CATEGORY
MFDA CE CATEGORY
Business Conduct (see note below)
Pathway to Your Alberta General Level 1 License
ILScorp is an approved General Level 1 Educator and our licensing Program has everything you need in one package to successfully pass your Alberta Level 1 General Insurance licensing exam.
See below for a quick outline on how to get started with your program.
Download The Infographic
MORE INFO ON PROGRAM
NOTICE TO THE PROFESSION AND THE PUBLIC POTENTIAL OCCUPATIONS AT CONFLICT WITH DUTIES OF AN INSURANCE INTERMEDIARY – FROM THE ALBERTA INSURANCE COUNCIL
In the interest of fairness, transparency, and to expedite the application process, the Councils provide the following examples of other occupations which may present a conflict of interest while acting as an insurance agent, or may present an opportunity to exercise undue influence in order to secure or direct insurance business.
In response to the increased number of applications to receive, renew, reinstate or retain certificates of authority (colloquially referred to as insurance “licenses”) the Life Insurance Council (LIC), the General Insurance Council (GIC) (collectively referred to herein as the “Councils”) and the Alberta Insurance Council (AIC) issue the following Notice to the Profession and the Public.
The current Insurance Agents and Adjusters Regulation1 provides the following:
- Insurance agents the individual must not be in a position to use coercion or undue influence in order to control, direct or secure insurance business
- the individual must not be engaged in another occupation or business that would place the individual in a conflict of interest position when acting as an insurance agent.
The following occupations may prevent an applicant from receiving, renewing, reinstating or retaining a certificate of authority due to a potential conflict of interest, or due to the potential of undue influence, coercion or control in order to secure or direct insurance business:
Government Employees (federal, provincial, and local municipalities);
Politicians and Legislators;
Religious and Spiritual Leaders;
Members of the Judiciary, lawyers and members of the Law Society of Alberta (or other legal societies within Canada);
Law Enforcement Employees; RCMP, municipal police, penitentiary staff, probation officers, behavioral correctional staff (remand centers etc.), youth justice workers, and investigators;
Members of an arbitrative administrative law panel (on matters of appeals or eligibility);
Physicians, psychiatrists, psychologists, counsellors, mediators, social workers, therapists, mental health clinicians and the staff who support them;
Medical examiners, crisis intervention workers, registered nurses (“RNs”), front-line nurses, residential care workers, out-patient support, rehabilitative and palliative care workers;
Employees of outreach, public access or charitable programs (both private and public) who assist a vulnerable sector of the public;
Maintenance enforcement workers, bailiffs, collections staff, or pawnbrokers;
Corporate franchise tax preparers;
Immigrant and new-comer support workers (private or public); and
Volunteer workers in any of the above fields.
These professions are provided as a guideline, only. Click here to view the full notice document.
Even if your business activities are not on the List of Other Employment and Business Activities Considered by Council, use discretion to ensure they do not have the potential to create a conflict of interest. Review your Provincial Insurance Council Code of Conduct’s Conflict of Interest Guidelines periodically on how to plan for and address situations when a conflict of interest arises, and how to manage or avoid such conflicts.
Happy BC Day British Columbians!
ILScorp offices will be closed Monday August 2, 2021 to celebrate BC Day.
Our offices will be open on Tuesday August 3.
Enjoy the holiday!
8 FUN FACTS ABOUT BC
1. All of the grey squirrels in Stanley Park today are descended from eight pairs of grey squirrels given to Vancouver by New York City in 1909.
2. The Jolly Jumper baby seat was patented in B.C. in 1957 and manufactured in North Vancouver. Susan Olivia Poole and her son, Joseph Poole, designed the seat to be suspended from the ceiling by a harness, allowing children to bounce and swing without parental help.
3. One of the oldest known western red cedars, the Hanging Garden Tree on Meares Island near Tofino, is estimated to be between 1,500 and 2,000 years old.
4. Whistler is named after the hoary marmot, a rodent nicknamed “whistler” because it gives a sharp piercing whistle to warn of danger.
5. The first electric streetlights in Vancouver were lit on Aug. 8, 1887.
6. B.C. has the world’s largest supply of nephrite jade, making it a geological temple to the substance the Chinese call “the stone of heaven.” The green stone is found at about 50 sites in the province. Most of B.C.’s jade production is exported to China. Jade boulders are weathered brown, grey or white, which conceals the green nephrite core.
7. Ogopogo has been a protected species since 1989, thanks to the B.C. government. The legendary serpent-like creature believed but never proved to inhabit the depths of Okanagan Lake has legal protection from being captured, killed or even harassed. “Now we can protect the creature because we can put a total closure on its capture,” B.C.’s wildlife director Jim Walker said at the time. “It would be most exciting if it was some species not known before.”
8. The Canadian record for greatest rainfall in one day — 489 mm — was set in Ucluelet on Oct. 6, 1967. The record still stands.
New Year, New You. Earn your Level 2 License.
To obtain your Level 2 license you must pass the CAIB 2 and the CAIB 3 exams. (BC, SK, MB)
Alberta requires CAIB 1, CAIB 2 and CAIB 3 completion to earn your level 2 license.
Use ILScorp’s online CAIB exam preparation courses, or Daily Assisted Virtual Classroom Programs to quickly prepare you for your Level 2 license.
CAIB Exam Prep Self-Study Online Video Courses are divided into easy-to-manage chapters with end of chapter quizzes. Each chapter includes 10-20 video clips of the instructor, along with easy to read text. A downloadable PDF workbook, key terms, a mock midterm and a mock final exam are also included. Once you purchase your subscription, you can begin taking your course immediately! All material is viewed online and is accessible 24/7.
MORE INFO ON CAIB EXAM PREP
How the CAIB exam preparation courses work
- Once you purchase, you can begin taking your course immediately! If you are a new subscriber, you will receive an automated username and password by email.
- All material is viewed online. All you need is an internet connection!
- Your course can be accessed any time. You can log in and log out as many times as you wish, pause, rewind and review, unlimited access for 4 months.
- Quizzes and Final exams help you retain the information.
- Once you feel prepared to write your CAIB exam, you must contact your Insurance Council, or in BC the Brokers Association to book your exam.
- Should you require any assistance at any time during your course work, we are here to support you! Email firstname.lastname@example.org
British Columbia Level 2 General Insurance Agent License
A level 2 general insurance agent is not restricted to where he or she can work and is not prohibited from signing contracts of insurance. Although insurance industry experience is not required, an applicant must be an authorized representative of a licensed general insurance agency and have met the educational requirements.
Saskatchewan Level 2 General Insurance Agent License
A Level 2 licensee shall not manage an agency.
Manitoba Level 2 General Insurance Agent License
A level 2 general insurance agent is authorized, to sell the insurance policies authorized under section 3, both inside and outside of the office of a general insurance agency, but is not authorized to manage the office of a general insurance agency