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. You are required to have completed 15 CE hours of approved courses each year in order to process the renewal of your license. All approved courses are found in the CE Course Lookup Section on the AIC web site. Contact ILScorp directly for assistance if you are unable to find a course.
Are there any exemptions to the continuing education requirement?
Yes. Individuals who hold a General insurance agent’s certificate limited to hail insurance or livestock insurance and individuals who hold an Adjuster’s certificate limited to hail insurance, travel insurance or equipment warranty insurance are not required to complete a continuing education requirement.
Are there exemptions for Maternity Leave or Long Term Disability?
There are no provisions under the Insurance Act or Regulations to allow an exemption for those agents who are on long term disability or maternity leave.
Is there carry over of hours?
The Insurance Agents and Adjusters Regulation allows for a carry forward up to 7.5 hours of continuing education credits from one year to be used in the next year per class of license.
What are the required hours for new Alberta agents?
1.25 hours per licensed month. Agents who apply for a certificate of authority (license) with 3 or less months remaining in the certificate term are not required to complete the Continuing Education requirement. If your first license was issued on April 1st, you will not be required to complete a CE requirement until you renew your certificate in the following year.
How do I determine if a course is accredited?
Accredited CE Courses
All courses which have been approved by the Accreditation Committee are listed on the Alberta Insurance Council website CE Course Lookup. ILScorp offers Alberta accredited courses for General / Adjuster as well as Life/A&S.
Why can’t I enter the date that I completed my CE courses?
As you enter the course id number on the AIC website, a number of courses will be presented to you in a drop down for your selection. You must select the name of the course from the drop-down. A calendar will then be made available to select the date of completion. Some courses may have only been approved within a specific date range.
When entering a CE course on the AIC website, I receive a message that says “You are attempting to save a course in a closed CE term.” Can I still add the course?
You may still add courses in a CE term that has already been closed. Since you will not be able to modify or delete the course once it has been saved, you will be asked if you wish to continue to save the course. Click the “Continue” or “Cancel” button to proceed.
When do I need to have all my CE credits completed?
When you renew your certificate of authority you are required to demonstrate that you have completed 15 hours of approved continuing education courses for each certificate being renewed by entering all approved courses under your profile.
Agents/adjusters who have not entered sufficient continuing education credits will not be able to renew their certificate(s) until sufficient courses have been entered.
What happens if I do not complete sufficient CE hours? Can I renew my license and earn my CE credits later?
All insurance agents and adjusters who are required to complete a CE requirement will not be able to renew their certificate(s) until they have demonstrated that they have sufficient CE credit hours. Failure to complete the CE by June 30th will result in your certificate of authority automatically expiring and you will not be authorized to act as an insurance agent or adjuster until you have satisfied your CE requirement and re-applied for your certificate(s).
Should I send in the CE certificates provided to me by the course providers?
No, these certificates are only required if the agent/adjuster becomes part of a random audit.
As a new agent can I use credits I earned from course taken before my license was issued?
New agents/adjusters may use credits earned by an approved course towards their first reporting period providing the course was taken in that certificate term.
What happens if you fail to renew your license by May 31?
Manitoba General and Manitoba Life/A&S License renewal deadline May 31, 2018
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.
Accredited CE Courses
Renewal instructions are available on the ICM website here. Users Guides and Frequently asked Questions (FAQS) are also available on the ICM website. Phone calls or emails from licensees with questions that are answered within the User Guides and FAQs will no be returned by Council.
Council recommends that you renew your license immediately to provide time to deal with any potential issues before the deadline. Online license renewal is the ONLY method of renewing your license. There are approximately 15,000 licenses being renewed in the month of May, you may find the ICM system slow when trying to renew.
MESSAGE FROM THE INSURANCE COUNCIL OF MANITOBA
Don’t leave the entry of your completed Manitoba CE credits until the last minute. Enter credits upon completion and allow the on-line CE system to
a) track how many CE credits you have completed,
b) remind/inform you of how many more credits are required to renew your license and
c) simplify your on-line renewal.
Login with your User ID and Password and click on “Continuing Education” to view your CE Status and log the CE courses that you have successfully completed. Simplified instructions to enter your CE credits are outlined under “Report Courses”.
Continuing education credits must have been obtained from an accredited course provider, or have received individual course approval by the ICM. If a licensee intends to apply a course or seminar that is not offered by an Accredited Course Provider, completion and submission of the Individual CE Approval Application is required. The application form must be submitted to the ICM at least 30 days in advance of the course to ensure sufficient time to make an informed determination as to whether the CE course qualifies for Manitoba CE credits. More information on what type of CE would fall into this category can be found on the ICM website under “Continuing Education Info”.
Entry of CE for the same course more than once may be permitted on an exception basis only. If an agent wishes to claim credit for a course more than once, the agent must contact Council for prior approval and provide written reasons. This review is subject to the individual course review fee of $50.
For your reference, the CE requirements including the applicable definition for each class of license can be located on the ICM website, and are briefly outlined below:
Life and/or Accident & Sickness
- 15 hours accumulated from June 1 – May 31
- no carry forward
- 8 hours accumulated from June 1 – May 31
- maximum of 4 carry forward
- 4 hours accumulated from June 1 – May 31
- maximum of 2 carry forward
- 8 hours accumulated from July 1 – June 30
- maximum of 4 carry forward
CE Information specific to Non-Residents of Manitoba
Non-residents residing in Canadian jurisdictions that have mandatory CE requirements will be deemed to have met the requirement in Manitoba. Agents/Brokers and Adjusters residing in a jurisdiction where CE is not mandatory are required to comply with Manitoba’s CE requirements. CE Credits must be obtained from an Accredited Course Provider or a course that has been individually approved by the ICM.
Residents of the United States of America are required to comply with the Manitoba CE requirements. CE Credits must be obtained from an Accredited Course Provider or a course that has been individually approved by the ICM. However, if a US resident has completed a course that meets the applicable Manitoba requirements , the agent may apply for consideration of individual approval. Should the ICM determine that the CE course is not applicable to the Manitoba CE definition, the US resident would be required to complete additional CE courses to meet the mandatory Manitoba CE requirement.
Questions can be directed to email@example.com.
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.
By the end of this course you will be able to:
- Explain independent and direct channels of insurance distribution in Canada
- Describe agreement between a broker and an insurer
- Describe factors considered by a brokerage to choose an insurer
- Describe factors considered by an insurer to choose a brokerage
Become an ILScorp group member to save even more.
MORE INFO ON COURSE
Included as part of the ILScorp Adjuster CE Subscription.
Included as part of the ILScorp General CE Subscription.
Access Duration from the Date of Purchase: 6 months
Credit Hours: 2
Credit Type: General/Adjuster – Technical and RIBO Management
Credit #: AIC #48001; MB#30086
Accrediting Provinces: BC, AB, SK, MB, ON
General Insurance Continuing Education Requirements and Definitions for BC
1. 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; ORif 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.
*Approved Designations: CAIB, CIB, CIP (formerly AIIC), CCIB, FCIP and CRM. Designations from other countries will be considered where it is demonstrated to Council they are equivalent to one of the approved Canadian designations.
For salespersons and agent level 2 licensees, only technical material will qualify for continuing education. Technical education directly relates to:
- general insurance products;
- compliance with insurance legislation and requirements such Council’s Code of Conduct, Council Rules, the Insurance Act and privacy legislation;
- ethics; or
ILScorp courses that qualify as technical CE will show the following:
Credit Type: General/Adjuster – Technical
For level 3 licensees, the above definition is broadened to include courses relating to management, accounting and human resources.
ILScorp courses that qualify as CE for Level 3 Licensees will show the following:
Credit Type: General/Adjuster – Professional
General Insurance CE Courses
3. Council Rules Course:
All licensees who obtain their insurance license in British Columbia on or after March 1, 2016 must successfully complete the Council Rules Course before their first annual filing. The Council Rules Course is available from the Insurance Brokers Association of British Columbia. This requirement applies to both resident and non-resident licensees. Failure to successfully complete the Council Rules Course will result in a licensee not being in compliance with Council’s continuing education requirements and the licensee will not be eligible to make his or her first annual filing. For more details on this requirement read Council Notice ICN 16-001 at Publications, then select Notices.
The education must take place in a structure dedicated to learning. Day-to-day business or professional reading does not qualify. However, a separate training meeting for the purposes of reviewing the details of a specific product line may qualify, but regular staff meetings that cover a myriad of topics do not.
The facilitator is expected to be fully qualified. You can usually verify this through course or promotional materials.
One hour of instruction is equal to one hour of continuing education credit, subject to a one hour minimum. Breaks are excluded and you must attend the complete course or seminar. In addition:
- no course can be accredited for more than 8 hours;
- there is a daily maximum of 7 hours; and where a course involves an exam, you must successfully pass the exam.
7. Carry Forward
Commencing 01JUN2008, excess credits cannot be carried over into the next license period.
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.
How do I register for more online insurance courses?
To renew your subscription or register for a licensing course simply:
- Go to www.ilscorp.com
- Do not log in – find the course you wish to take off the homepage and click ‘Buy Now’
- If you are a returning user – enter your current username/password – click ‘Sign In’ (Do not make a new account)
- If you are a new user – create a new account and fill in all applicable information – click ‘Submit Information’
- Enter your credit card information as it appears on your billing statement
How do I access my online insurance courses once I am registered?
To access your courses simply:
- Log in with your username and password on www.ilscorp.com
- Go to ‘My Courses’ on the top tab
- Choose a course category, and a click on a course title within that category to begin taking courses
Creative Uses of Life Insurance, Split Beneficiary Planning
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.
This course breaks down as follows:
- Part 1: Corporations & Insurance
- Part 2: Disruptions to Corporate Owned Insurance
- Part 3: Agreements on the Use of Insurance with Corporations
- Part 4: The Pricing Models
SAMPLE COURSE MATERIAL
1.Key Man Insurance. In the event of the death of a key employee, a corporation could sustain material financial hardship. Key Man Insurance provides funding to assist the corporation maintain working capital balances in the transition period after death.
2.Shareholder Agreements. Shareholder agreements govern actions between shareholdings in the event of the death of a shareholder. Some agreements obligate the corporation to redeem the shares in what is called a “Corporate Redemption or Corporate Repurchase”. Insurance in this context provides the needed funds to repurchase the deceased’s shares.
3.Loan Offset Insurance. Sometimes creditors of a corporation will ask that key people are insured. Should they pass away, the insurance is used to repay corporate loans.
4.Buy-Out Insurance. Similar to shareholder agreements, corporations that transition owner-managers (key people) will often insure one or both parties (acquirer and/or purchaser) so that financial exposure during the acquisition period is covered by insurance.
Corporate Funded Insurance – Benefits
1.A corporation (with an insurance interest) is allowed to pay insurance premiums.
2.Corporate paid premiums are normally a “non-deductible expense” (called an “add-back” on the corporate tax return).
3.This allows payment of insurance AFTER corporate income tax but BEFORE personal dividend tax.
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