ILScorp BlogThe latest and greatest info from ILScorp!
Licensing FAQ’s for General Insurance Agents in Ontario
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.
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.
New Course for RIBO Ethics CE Requirement
The new license year of Oct 01, 2018 to September 30, 2019, brings new continuing education requirements for general insurance licensed individuals in Ontario. The total number of required CE hours has not changed however a new category, Ethics, has been introduced and licensees must complete a minimum of 1 hour in this category per term.
ILScorp has developed a course that is RIBO approved for 1 CE in the new Ethics Category: Making the Right Ethical Decisions. This course is now available to all ILScorp General CE Subscribers!
Canada’s New Privacy Rules
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
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;
Important message about potential Canada Post work stoppage
At ILScorp we are committed to providing you with the best customer experience – and that begins with keeping you informed.
Canada Post postal workers across the country continue to carry out rotating strikes.
These labour disruptions may impact payments sent to ILScorp via mail.
Below is some important information that will help you stay informed of your group member charges and avoid late payment fees:
You can pay your ILS Group Member invoice, and all other invoices via credit card, by calling the ILScorp offices @ 1.800.404.2211 and speaking directly with one of our friendly customer service representatives.
You can also pay your ILS Group Member invoice, and all other invoices via cheque sent through ICS Courier or an alternate courier of your choice.
Difference between Insurance Agents and Brokers
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
Be Thankful You Work In Insurance
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!
ILScorp hosts another successful Intact Commercial Producer School
The 2018 Intact Insurance Commercial Producer School was an amazing success!
Students from BC, Alberta, Saskatchewan and Manitoba all attended this years 19th Annual Intact CPS course at the Westin Bear Mountain Golf Resort, Victoria BC from September 24 – September 28, 2018.