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.
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 Insurance Council's requirements; and the public’s interest is properly served. This includes ensuring:
More information on how to determine appropriate supervision can be found in the Guidelines for Supervision of General Insurance Level 1 Salespersons.
The Insurance 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 the Insurance Council becomes aware of activity that is contrary to the Financial Institutions Act, Insurance Council's Rules or Code of Conduct, it will be up to the nominee to demonstrate that sufficient procedures and oversight were, and are, in place.
If appointing more than one nominee:
Every agency or firm is required to nominate one nominee. The nominee is responsible and accountable to the Insurance Council for all activities of the agency or firm. Where an agency or firm has more than one nominee, it is at the agency or firm’s discretion how the responsibilities are assigned and carried out by the nominees. The agency or firm should be able to demonstrate which nominee is responsible for each area of the agency or firm.
If it is determined that a nominee’s actions or inactions are unsuitable, and/or in breach of Council Rules, Code of Conduct or the Financial Institutions Act, even if it involves an area of responsibility that the agency or firm did not assign to the nominee, a nominee may still be held responsible and subject to disciplinary action by the Insurance Council. Where the agency or firm is unable to demonstrate which nominee(s) is responsible for a particular area of the agency or firm, all nominees share joint responsibility to the Insurance Council.
Where the overall agency or firm’s activities are impacted, all nominees would be held jointly responsible and accountable to the Insurance Council. These include, but are not limited to: reporting requirements to the Insurance Council and ensuring the agency or firm maintains errors and omissions insurance.
If appointing a temporary nominee:
Licensees must honestly represent themselves and the services and products they provide (“hold themselves out”) so as not to mislead the public and so that the public knows with whom they are dealing.
Licensees must disclose that they are an insurance agent prior to conducting insurance activities with the public. Licensees must not represent themselves as having specific expertise in a given area of practice or industry designations unless suitably qualified by virtue of experience, training or both. You must be licensed the way you are doing business and do business the way you are licensed including use of licensed corporate or trade names:
Licensees are reminded that Rule 2(18) requires that all names under which insurance business is conducted, other than an individual’s own name, must be registered with the BC Corporate Registry, must be a name that will not likely be confused with the name of another licensee, and be registered with the Insurance Council in the form approved by the Insurance Council.
Licensees are also reminded that they must not present themselves to the public in such a manner as to suggest that they are a registered insurance company, rather than an agency. Section 12.1 (b) of the Financial Institutions Act states "a person commits an offence" when they "give a false impression that the person is a trust company or an insurance company." It is the Insurance Council's position that these requirements also extend to corporate logos and that the agency's registered legal name or trade name should always accompany the logo.
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:
Insurance agents are required to comply with the disclosure requirements contained in the Financial Products Disclosure Regulation under the Financial Institutions Act. The disclosure requirements apply every time an insurance transaction takes place. The disclosure requirements must include the following:
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. See Council Notice ICN #12-003
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: