ILScorp Blog

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.

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.

On November 1, 2018, new provisions in the Personal Information Protection and Electronic Documents Act (PIPEDA) related to breach of security safeguards came into force, along with breach of security safeguards regulations.

A privacy breach is the loss of, unauthorized access to, or disclosure of, personal information. Breaches can happen when personal information is stolen, lost or mistakenly shared.

Businesses subject to PIPEDA have certain obligations following a breach. These may include reporting to the Office of the Privacy Commissioner of Canada, notifying affected individuals and keeping certain records of privacy breaches.

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;

The Role of Insurance Agents and Brokers in the Distribution of Insurance Products.
Insurance agents are intermediaries between the applicant for insurance and the insurance company. They are not a party to the insurance contract. An insurance agent represents the insurance company in dealings with a third party. Example: The XYZ Insurance Company has entered into an Agency Agreement with Justin Case Agencies. All salespeople who work at Justin Case Agencies are considered to be

At the end of the day, the insurance industry provides people with opportunity. The opportunity to learn, grow and help others achieve their dreams. And, being in the business of helping people, is a great business to be in. Wishing you a Happy Thanksgiving from ILScorp!