LLQP (Life Licence Qualification Program) exam prerequisites, course information, and other life insurance licence qualifications and requirements for individuals, partnerships, or corporations in BC.
Council makes every effort to keep the LLQP information regularly updated. Please check back often.
Council is here to help. Your insurance licensee resources include compliance information such as licensee responsibilities; council rules; continuing education; disciplinary decisions and process; and other useful information for licensed individuals, partnerships, or corporations in BC.
Council makes every effort to keep insurance licensee resources regularly updated. Please check back often.
The Insurance Council Rules establish licence conditions and requirements for all licensees in addition to the requirements set out in the provincial Financial Institutions Act and other legislation.
Additionally, Council Rule 7(8) requires all licensees to comply with the Insurance Council's Code of Conduct. The Code of Conduct defines and communicates standards of conduct for use by licensees in their practice of the business of insurance.
All Insurance Council licensees are expected to abide by and stay up-to-date on the most current Council Rules and Code of Conduct, and be aware of their licensee responsibilities.
To ensure that the Council Rules continue to provide an effective framework for the regulatory oversight of insurance licensees, we are conducting a comprehensive review of the Rules. We will be engaging our licensees and stakeholders as a part of this multi-year initiative.
Licensees who have business activities other than those authorized under their licences, must:
The nominee is responsible for all insurance activities of the agency or firm as per Council Rule 7(6). This includes making sure all insurance activities of the agency or firm are appropriately supervised; there are sufficient procedures to facilitate compliance with Council requirements; and the public’s interest is properly served. This includes ensuring:
A licensed level 3 general insurance agent must actively supervise all the insurance activities of every general insurance salesperson and agent authorized to represent the agency.
As each agency differs in size, nature of the business conducted, and experience of licensees, nominees must determine the appropriate level of supervision. Council holds nominees accountable for their decisions and may require them to clearly demonstrate the appropriateness of the supervision provided.
To determine the appropriate amount of supervision, consider:
Council acknowledges the demands and challenges nominees can face and that it may not always be possible to foresee or prevent non-compliant insurance activities. However, as nominees are ultimately responsible for the insurance activities of the agency or firm, if Council becomes aware of activity that is contrary to the Financial Institutions Act, it will be up to the nominee to demonstrate that sufficient procedures and oversight were, and are, in place.
Licensees must present themselves to the public (“hold themselves out” to the public) in the way they are licensed, so that the public knows with whom they are dealing:
Rules on finder or referral fees (“referral fee”) differ depending on whether the person receiving the compensation is an appropriately licensed insurance agent, and what insurance activities the third party has conducted:
Licensees must sell insurance products and services on their own merits:
Licensees must maintain proper records and accounting books relating to their insurance activities, and where funds belonging to or received from a client are received, in accordance with Generally Accepted Accounting Principles:
Licensees must provide disclosure to the client:
The disclosure should outline:
Every agent is required to publicly disclose that they are an insurance agent, prior to conducting insurance activities and prior to soliciting any insurance business. To assist with meeting this licence condition, all insurance agents should:
In a sub-brokered transaction, both brokers have responsibilities to the client and the insurance company:
Agents replacing existing insurance policies must ensure the replacement is genuinely beneficial to the interests of the insured. Where replacement could be detrimental to the interests of an insured, an agent must make every reasonable effort to maintain the existing policy in force.
The Replacement Regulation is intended to ensure the client receives full disclosure of the details, including the advantages and disadvantages of both policies, to allow an informed decision on whether to replace existing insurance.
When does a replacement occur? When, because of the purchase of a life insurance policy, any existing life insurance contracts are:
When does the Replacement Regulation apply? When the policy to be replaced is:
*A temporary or “interim” contract exists where a client has applied for insurance with and paid money to an insurer. Agents replacing such a contract must comply with the Replacement Regulation.
When does the Replacement Regulation not apply? When: