May 1, 2018 | News
General Insurance Continuing Education Requirements and Definitions for BC
1. Number of Hours Required:
- if you have an approved designation* you must have 4 qualified hours of continuing education; OR
- if you have been licensed as a general insurance agent or salesperson for at least 5 of the last 7 years in a Canadian jurisdiction, and you do not have an approved designation, you must have 6 qualified hours of continuing education; ORif you
- have not been licensed as a general insurance agent or salesperson agent for at least 5 of the last 7 years in a Canadian jurisdiction and you do not have an approved designation, you must have 8 qualified hours of continuing education.
*Approved Designations: CAIB, CIB, CIP (formerly AIIC), CCIB, FCIP and CRM. Designations from other countries will be considered where it is demonstrated to Council they are equivalent to one of the approved Canadian designations.
2. Content:
For salespersons and agent level 2 licensees, only technical material will qualify for continuing education. Technical education directly relates to:
- general insurance products;
- compliance with insurance legislation and requirements such Council’s Code of Conduct, Council Rules, the Insurance Act and privacy legislation;
- ethics; or
- E&O
ILScorp courses that qualify as technical CE will show the following:
Credit Type: General/Adjuster – Technical
Accrediting Provinces:
For level 3 licensees, the above definition is broadened to include courses relating to management, accounting and human resources.
ILScorp courses that qualify as CE for Level 3 Licensees will show the following:
Credit Type: General/Adjuster – Professional
Accrediting Provinces:
General Insurance CE Courses
3. Council Rules Course:
All licensees who obtain their insurance license in British Columbia on or after March 1, 2016 must successfully complete the Council Rules Course before their first annual filing. The Council Rules Course is available from the Insurance Brokers Association of British Columbia. This requirement applies to both resident and non-resident licensees. Failure to successfully complete the Council Rules Course will result in a licensee not being in compliance with Council’s continuing education requirements and the licensee will not be eligible to make his or her first annual filing. For more details on this requirement read Council Notice ICN 16-001 at Publications, then select Notices.
4. Structure:
The education must take place in a structure dedicated to learning. Day-to-day business or professional reading does not qualify. However, a separate training meeting for the purposes of reviewing the details of a specific product line may qualify, but regular staff meetings that cover a myriad of topics do not.
5. Facilitator:
The facilitator is expected to be fully qualified. You can usually verify this through course or promotional materials.
6. Time:
One hour of instruction is equal to one hour of continuing education credit, subject to a one hour minimum. Breaks are excluded and you must attend the complete course or seminar. In addition:
- no course can be accredited for more than 8 hours;
- there is a daily maximum of 7 hours; and where a course involves an exam, you must successfully pass the exam.
7. Carry Forward
Commencing 01JUN2008, excess credits cannot be carried over into the next license period.
Apr 24, 2018 | News
Where did my courses go?
FRANÇAIS
If your courses no longer appear in the courses dropdown in the top menu of your ILScorp account, your courses may have expired.
ILScorp courses are available for a specific amount of time from the date of purchase. CE course subscriptions and individual courses are available for 6 months from the date of purchase, CAIB Courses have 4 months’ access and Level 1 Licensing for 3 months, all with unlimited amount of access. If you log into your ILScorp profile and do not see any courses listed under the “My Courses” tab, you can renew / purchase your course subscription from the ILScorp Course Catalog, or by choosing your subscription category here. Once your purchase is complete, you will have immediate access to your courses.
How do I register for more online insurance courses?
To renew your subscription or register for a licensing course simply:
- Go to www.ilscorp.com
- Do not log in – find the course you wish to take off the homepage and click ‘Buy Now’
- If you are a returning user – enter your current username/password – click ‘Sign In’ (Do not make a new account)
- If you are a new user – create a new account and fill in all applicable information – click ‘Submit Information’
- Enter your credit card information as it appears on your billing statement
How do I access my online insurance courses once I am registered?
To access your courses simply:
- Log in with your username and password on www.ilscorp.com
- Go to ‘My Courses’ on the top tab
- Choose a course category, and a click on a course title within that category to begin taking courses
Apr 9, 2018 | News
Creative Uses of Life Insurance, Split Beneficiary Planning
This new Life/A&S course is now available and included as part of your ILS LIFE/A&S Course Subscription.
In this course, learn how in certain cases Split Beneficiary Planning allows for cash extractions (free of dividend tax) from the corporation in excess of actual policy premiums; how a separate and well drafted Split Beneficiary Agreement is required, including a defendable pricing model likely using NCPI as the source cost; and that specialized legal and tax advice may be needed before implementing such planning.
This course breaks down as follows:
- Part 1: Corporations & Insurance
- Part 2: Disruptions to Corporate Owned Insurance
- Part 3: Agreements on the Use of Insurance with Corporations
- Part 4: The Pricing Models
SAMPLE COURSE MATERIAL
Corporate Insurability
1.Key Man Insurance. In the event of the death of a key employee, a corporation could sustain material financial hardship. Key Man Insurance provides funding to assist the corporation maintain working capital balances in the transition period after death.
2.Shareholder Agreements. Shareholder agreements govern actions between shareholdings in the event of the death of a shareholder. Some agreements obligate the corporation to redeem the shares in what is called a “Corporate Redemption or Corporate Repurchase”. Insurance in this context provides the needed funds to repurchase the deceased’s shares.
3.Loan Offset Insurance. Sometimes creditors of a corporation will ask that key people are insured. Should they pass away, the insurance is used to repay corporate loans.
4.Buy-Out Insurance. Similar to shareholder agreements, corporations that transition owner-managers (key people) will often insure one or both parties (acquirer and/or purchaser) so that financial exposure during the acquisition period is covered by insurance.
Corporate Funded Insurance – Benefits
While Living:
1.A corporation (with an insurance interest) is allowed to pay insurance premiums.
2.Corporate paid premiums are normally a “non-deductible expense” (called an “add-back” on the corporate tax return).
3.This allows payment of insurance AFTER corporate income tax but BEFORE personal dividend tax.
MORE INFO ON COURSE
Apr 2, 2018 | News
ILScorp CAIB Exam Prep Virtual Classroom Programs are a combination of structure and flexibility.
ILScorp Virtual Classroom programs are built on a structure of daily assignments and due dates that you must meet, whether it’s taking an online chapter quiz; completing daily questions; watching weekly review videos; or participating in a discussion with fellow classmates. However, within the virtual classrooms structure you have the freedom to choose the best times to participate that sync with your individual schedule. Moderated by long-time insurance educator Todd Hochban, the ILS Virtual Classroom Programs prepare you to write your insurance licensing exam in just four weeks, sending your insurance career to new heights!
The ILScorp Virtual Classrooms are completed entirely online, and are ideal for students who benefit from learning in a more structured atmosphere with daily tasks and outlines. Within the 4 week program each day is broken down in a calendar showing what course material to cover and questions assigned to answer. There is no set “classroom time” – the daily video course material, tasks and questions can be completed at your convenience, using the calendar as a guideline to keep you on track during the 4 weeks. Through an online discussion forum you will have access to the answers of your daily assigned questions, as well as the ability to ask the instructor your own questions. Every Friday you receive a review video which summarizes the material covered during the week. Once your 4 week program is complete, you can access your course material for a full 3 months. (3 months after the end date of the virtual classroom) This ensures you can review your material until you feel you are fully prepared to write your exam. ILScorp recommends a minimum study time of 80 to 120 hours.
With a 4 week CAIB exam prep virtual classroom program you’ll receive:
- Online streaming video course with unlimited access. Log in and out as many times as you need, with the ability to pause, rewind and review
- A daily assisted learning calendar that outlines material covered each day to keep you on schedule
- Access to an online discussion forum where daily answers to questions are posted
- Weekly practice exams and review videos
- Live support!
Register Today
Classes run:
Apr 2 – Apr 27,
May 14 – Jun 8,
Jun 18 – Jul 13
Aug 6 – Aug 31
Sept 10 – Oct 5
Oct 22 – Nov 16
Dec 3 – 28
Mar 22, 2018 | News
Retirement Success in Canada a course designed to introduce you to the topic of Canadian retirement income.
In this new course on Retirement Success in Canada you will be introduced to each of the “three pillars” that make up the replacement income of most Canadian retirees and the issues and solutions surrounding them.
In the beginning we cover the first pillar of Canadian Retirement Savings, the Old Age Security program.
OAS Pension and Benefits are paid out according to:
- Canadian Residency Status & History
- Age
On top of being subject to income tax, OAS Pension benefits are subject to a recovery tax that is 15% of the amount a beneficiaries income surpasses the minimum threshold.
As a retiree’s income rises, the OAS benefit amount lowers. While the OAS may recover up to 50% of an individual’s pre-retirement salary of $20,000, it will only recover 4-5% of an individual’s pre-retirement annual income of $100,000.
If we are aiming for a recovery ratio of 60% – 70%, individuals across all income levels need additional sources of retirement income.
In lesson 2 we are introduced to the second pillar of Canadian Retirement Savings: Mandatory Pension Plans. Which are broken into public & private categories.
Canada has a mandatory contribution pension plan called the CPP (QPP in Quebec). This plan is funded by taking a percentage of all contributors pensionable earnings, and pays a monthly pension upon retirement as well as other income-replacement benefits.
The CPP/QPP retirement benefit does not have a claw-back tax like the OAS and provides a larger retirement benefit to those who have contributed more.
In Lesson 3 we learn about Private Pension Plans (RPPs). These employer-provided, mandatory-contribution plans come in two flavors: Defined Benefit and Defined Contribution
Like the CPP/QPP plans, RPPs reward long contribution histories and high contribution amounts. Thus, RPPs benefit those with a long history of high income the most.
However, as of 2015, only 32.2% of Canada’s labor-force was covered by a registered private pension plan. Given the inadequacy of the OAS and CPP programs to meet most Canadians retirement goals, it is clear another source of retirement income is needed.
Retirement savings & income will look different for everybody.
Those who do not have an employer-provided pension plan will need to focus more on contributing to their RRSP & TFSA.
Those who do have employer-provided pension plan’s will be rewarded for staying with their employer longer.
Those with higher incomes will receive larger benefits from their CPP and Employer-Provided Pensions.
Those with lower incomes will receive larger benefits from OAS/GIS benefits.
Ultimately, retirement savings should start early, and be contributed to regularly. No one pillar will provide sufficient retirement income, a multi-pillar approach is always necessary.
More info on course:
https://www.ilscorp.com/retirement-success-in-canada/
Credit Hours: 4
Credit Type: Life/A&S
Credit #: AIC 47764 MB 29959
Accrediting Provinces: BC, AB, SK, MB, ON
