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.
All insurance licensees must be covered by Errors and Omissions (E&O) insurance:
See Council Notices:
ICN-07-007 Errors and Omissions Advisory
ICN-15-006 Errors and Omissions (E&O) Insurance
Where agencies or firms, operating as separate legal entities, elect to comply with Council Rule 7(11) by combining their Errors and Omissions insurance coverage under one blanket policy:
*Example: If 10 agencies or firms rely on one blanket policy for their Errors and Omissions insurance, the minimum coverage for the policy must be $10,000,000.00 per claim and $20,000,000.00 aggregate, with a policy provision that each agency or firm has a dedicated coverage limit that meets the minimum E&O insurance required in Rule 7(11).
If a licensee engages in non-insurance business activities that are currently insured under the licensee’s Errors and Omissions policy:
All licensees must maintain or be covered by Errors and Omissions insurance as specified in Council Rule 7(11), regardless of his or her specific job duties.
Council recognizes that Errors and Omissions policies provided to individual life insurance agents generally provide some extension of coverage for the agency which the agent is authorized to represent. However, these coverage extensions may not apply in certain situations. An uninsured loss could occur where an agency could be held accountable, if: