Happy Family Day!

Happy Family Day!

Family Day reminds us all to focus our thoughts, energies and time to those closest to us…
the members of our own families.

Throughout our busy lives filled with learning and working, it is easy to allow ourselves to lose sight of what should always be most important – our family.

We wish all of you and the members of your families a happy, memorable, and safe Family Day!

Enjoy the opportunity to share some quality time together.

ILScorp offices are closed Monday February 18, 2019.

If you require assistance during this time, please call us and leave a detailed voicemail message or email info@ilscorp.com.

We will reopen for business on Tuesday, February 19 at 8:30am PST.

Licensing FAQ’s for General Insurance Agents in Ontario

Licensing FAQ’s for General Insurance Agents in Ontario

General Insurance Agents – Ontario

New

I want to become a general insurance agent. What are the qualifications and how do I apply?

In order to obtain a license as a general insurance agent, an applicant must:
1. Have their sponsoring company initiate the online General Insurance Agent application accessible through Licensing Link and pay the required fee;
2. Be familiar with the laws of Ontario relating to the licensing of general insurance agents.
3. Be sponsored by a licensed insurer.
4. Hold himself/herself out publicly and carry on business in good faith as a general insurance agent only in the name in which the agent is licensed.
5. Not be engaged in any other business or occupation that would jeopardize the person’s integrity, independence or competence.
6. Be of good character and reputation.
7. Be a suitable person and meet all the licensing requirements.
8. Possess the appropriate educational background.
9. Provide FSCO with an Ontario mailing address that is suitable to permit service by registered mail.

What is the difference between a General Insurance Agent and a General Insurance Broker in Ontario?

Education

What are the educational requirements to become a general insurance agent?

To become licensed as a general insurance agent, the applicant must successfully pass the qualifying examination for general insurance. Examination results are valid for one year and must be forwarded to Financial Services Commission of Ontario (FSCO) when applying. FSCO does not conduct the examinations. General agents are exempt if they have a Chartered Insurance Professional (CIP) designation or successfully passed the equivalent RIBO exam.

 

Exam Preparation Course

 

I am a new agent, how do I apply for a general insurance agent license?

New agents should contact their sponsoring company to initiate an online application on their behalf. New agents are unable to submit an application without a sponsor.
 
 

Renewal

How do I renew my General insurance agent license?

Insurance agents’ licenses are renewed every two years. Agents must renew their license within 60 days prior to the expiry date on their existing license.
Applicants who have been unlicensed for two or more years will have to re-qualify as a new agent, including redoing the General Insurance examination.

All renewal applications are submitted online via Licensing Link and are initiated by the sponsoring insurer.
 
 

Payment/Fees

How much is the fee to obtain/renew my general insurance agent license?

The fee for an insurance agent license and/or to renew an insurance agent license is $150. This fee covers a two-year license period.
 
 

Sponsorship

General insurance agents require sponsorship at all times to maintain their license.
 
 

Transfer of Sponsorship

I no longer wish to remain with my sponsor. Can I move to another sponsoring company?

Sponsored agents can transfer out of their sponsorship and move to another sponsor.
The current sponsor should terminate the license online so the new sponsoring company can pick up the license and transfer to their company.
Please contact your current and new sponsor for information as the transfer application is created by the sponsor on behalf of the agent.

How much is the fee to transfer my license to a different sponsoring company?

The fee is $50 to transfer your license from one sponsoring company to another. The fee is paid online through Licensing Link. The application is created by the sponsoring company. Please contact your sponsor on how to submit an application.
 
 

Terminations

I am a sponsored general insurance agent and wish to terminate/surrender my license. How do I notify FSCO of this?

Sponsored agents shall have their sponsoring company submit an online termination on their behalf. Please contact your sponsoring company to terminate your license.

I want to terminate/surrender my license, but I do not want to lose the qualifications in case I decide to come back into the industry. Are there any provisions, time frames in which I can reinstate my license without taking the qualifying exam again?

Agents have the option of terminating their license and may have their license within two years of the date of termination/expiry (whichever comes first) without having to re-qualify.
Applicants who have been unlicensed for two or more years will have to re-qualify as a new agent, including re-writing the qualifying exam. Please contact your sponsor to terminate your license.

This information is provided for guidance only. The above information was originally provided on the FSCO website.

About FSCO.

FSCO was established under the Financial Services Commission of Ontario Act, 1997 (FSCO Act) with a legislative mandate set out in the FSCO Act.  FSCO’s legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates. FSCO regulates the insurance sector; pension plans; loan and trust companies; credit unions and caisses populaires; the mortgage brokering sector; co-operative corporations in Ontario; and service providers who invoice auto insurers for statutory accident benefits claims. FSCO is accountable to the Minister of Finance. In order to support FSCO’s legislative mandate, the FSCO Act sets out a three-part structure for FSCO, which includes the Commission; the Superintendent of Financial Services and Staff; and the Financial Services Tribunal (Tribunal).

Approved Mandatory Ethics Training Courses

Approved Mandatory Ethics Training Courses

All resident Saskatchewan licensees are required to complete an Insurance Councils of Saskatchewan approved ethics course, that is at least three hours in duration. The following courses are approved by the Insurance Councils of Saskatchewan for 3 C.E. credit hours and meets the ethics training requirement.
 
 
Looking for Mandatory RIBO Ethics CE? Click Here
 
 
These courses discuss professional codes of conduct, with dilemma or scenario-based examples so licensees may spot issues and make the right choices. The aim is to help licensees make sense of what might seem like a convoluted situation and determine the ethical choice.
 

Insurance Councils of Saskatchewan Approved Ethics Training

 
Courses approved for All Classes other than Life Licensees (General) 
Ethics and the Insurance Professional Part 1 – Approved for 1 ethic hour
Ethics and the Insurance Professional Part 2 – Approved for 1 ethic hour
Ethics and the Insurance Professional Part 3 – Approved for 1 ethic hour

 

Courses approved for Life and Accident & Sickness and Accident & Sickness licensees
Life Ethics in the Insurance Industry Part 1 – Approved for 1 ethic hour
Life Ethics in the Insurance Industry Part 2 – Approved for 1 ethic hour
Life Ethics in the Insurance Industry Part 3 – Approved for 1 ethic hour

 

Courses approved for Adjuster/Adjuster Representative licensees
Ethics Training for Adjusters Module 1 – Approved for 1 ethic hour
Ethics Training for Adjusters Module 2 – Approved for 1 ethic hour
Ethics Training for Adjusters Module 3 – Approved for 1 ethic hour
 
 
More info on ethics courses
 
 
Once you have successfully passed these courses please provide the Saskatchewan Council with documentation to support completion.

Ethics training is important and can have an impact on business, reputation, and daily office morale. You cannot afford to leave ethical decision making to chance, as one hasty action or decision by a licensee can harm an entire organization.

New CSF Compliance Course – Making the Right Ethical Decisions

New CSF Compliance Course – Making the Right Ethical Decisions

Most of our insurance education focuses on improving product knowledge and developing our technical skills. And there’s nothing wrong with that.

However, more emphasis has been placed on discussing the ethical decisions that insurance professionals have to make daily in their dealings with other industry staff, their clients and the insurance companies they represent.

We work in a society where people pay us for the advice and products we provide to them. They expect us to be fair, honest, trustworthy, and loyal and all the other things they value in their insurance professional. If we breach any of these ethical values, they may well perceive us as being unethical in our dealings with them.

When you hear the word “ethics” what, if anything, comes to mind?

If you said that ethics involves doing the right thing – making the right decision – when in a given situation that offers other possibilities, you are on the right track.

So, it makes sense that if you choose to do the right thing, you are acting ethically and, conversely, if you choose to do the wrong thing, chances are pretty good that you are acting unethically.

There are many definitions of “ethics”, including this one: “Ethics is about fairness, about deciding what is right or wrong, about defining practices and rules that guide responsible conduct between individuals and groups”.

Fairness is a basic ethical value – if you treat people fairly, you reduce the odds of your behaving unethically.

Over the years, philosophers and other scholars have made valiant attempts to provide a generally acceptable definition of ethics. Ethics, like professionalism, is very difficult to define in a fundamental way that will win wide acceptance, but we know it when we see it. Several values are widely recognized as the requisite traits of an ethical person, including:

– honesty and integrity;

– respect and caring for others;

– promise keeping, trustworthiness and fairness; and

– personal accountability.

These ethical values can clearly influence the kind of service insurance organizations provide. A motivated work force that is guided by these ethical values will do much to earn the trust of the insurance buying public. Trust is earned over time through dealing honestly and consistently displaying an attitude that reflects both self-respect and respect for others. If service improves, if ethical values rise, the image of insurance will necessarily improve because image reflects reality.

New Course Making the Right Ethical Decisions

Ethics is all about doing the right thing in a particular situation. As insurance professionals, our clients, insurers and the public (and a lot of other people and organizations) would expect us to do nothing less. In this course, we will look at the following topics as they relate to “Ethics and the Insurance Professional”, specifically:

  • Defining “Ethics”
  • Establishing Ethical Standards – Sources of Influence
  • Basic Ethical Values and What They Really Mean
  • The Insurance Broker’s Dilemma
  • What a Formal Ethics Program Will Do For Your Brokerage.

Credit Hours: 1

Credit Type: Conformité – Compliance

Credit #: CSF18-12-44571

Accrediting Provinces:  QUEBEC

COURSE INFO

This course is included as part of your ILScorp CSF PDU Subscription.

Complete your PDU requirements by November 30, 2019.  CSF accredited online courses for Quebec Life Insurance Agents and Financial Planners!

MORE INFO

Reference period from December 1, 2017 to November 30, 2019

With the CSF Accredited Online Courses Subscription you will:

  • have 6 months access to over 52 accredited CSF insurance training courses in both text and streaming video formats
  • access over 120 PDUs in the categories compliance, insurance of persons, general subjects and group insurance of persons
  • save money compared to purchasing individual courses
  • have a digital record of your completed course work, which we keep on file for up to seven years
  • save time by completing your PDU requirements entirely online, no paperwork or commute
New Year New You – Level 2

New Year New You – Level 2

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)
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 info@ilscorp.com

 

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
Happy Holiday Hours

Happy Holiday Hours

Happy Holidays!

Wishing you every happiness this holiday season and throughout the coming year.

The entire team at ILScorp is truly grateful to you for choosing us as your educational provider.

We highly value our customers and it has been a sincere pleasure serving so many of you this year!

We hope you enjoy your online e-learning experiences with ILScorp. Your support and patronage along with your honest suggestions and feedback, has helped us shape our business now and for the future.

Again,thanks so much for choosing ILScorp.

We look forward to educating you for many years to come!

ILScorp

Please note Monday December 24 through to Friday December 28, 2018 the ILScorp offices will be closed for company holidays. We are back in the office on Monday December 31.

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