Continuing Education Requirements Ontario – RIBO

Aug 13, 2018 | News

Continuing Education Requirements – RIBO

Key Regulatory Provision – ONTARIO REGULATION 991
5. (1) An individual is qualified to be issued and hold a certificate of registration as an insurance broker where,
(d) the individual complies with the continuing education requirements established by the Council.

Principal Brokers and Deputy Principal Brokers:
10 hours of continuing education credits every year between October 1st and September 30th. A minimum of 5 hours must be in the Management category. The remaining hours may be in the Management or Technical category. There is a carryover of a maximum of 10 hours (or one term’s requirements with a minimum of 5 hours in the Management category) allowed for the next term.
Personal Skills hours/credits cannot be applied towards the continuing education requirements. Principal Brokers and Deputy Principal Brokers who apply Personal Skills hours may experience a shortfall which may place their registration in non-compliance of the requirements.

Non-compliance of the requirements by the Principal Broker will result in the registration of the Principal Broker being referred to the Qualification and Registration Committee to propose to review and revoke the Principal Broker status. This may also result in the brokerage firm being subject to review by the Qualification and Registration Committee for non-compliance of the Principal Broker requirement. Deputy Principal Brokers who are in non-compliance of the continuing education requirements will result in the suspension of the license until full compliance has been met.

All other licensed individuals:
8 hours of continuing education credits every year between October 1st and September 30th in any category. There is a carryover of a maximum of 8 hours (or one term’s requirements) allowed for the next term.

Non-compliance of the requirements will result in the suspension of the license until full compliance has been met.

Newly licensed individuals:
The continuing education program of 8 hours every year between October 1st and September 30th will begin the first October following registration. Individuals are exempted for the remainder of the licence year that they were registered.
E.g. Broker A was registered on November 1, 2006 and Broker B was registered on April 30, 2007. Both Broker A and Broker B will not be required to have accumulated any continuing education credits
by September 30, 2007, but must begin taking the continuing education seminars/courses on October 1, 2007.

RIBO Accredited Online Courses

Category Definitions:
Each continuing education course/seminar/workshop that is submitted for accreditation is reviewed in accordance with the Broker Skills Reports which outlines the skills set necessary to carry out the duties and responsibilities of a broker.

Management
Subjects related to the RIB Act and Regulations, human resources, general management, accounting, computerization, and generally topics relevant to the operation of an insurance brokerage.

Technical
Subjects directed towards imparting of general insurance product knowledge and/or technical insurance expertise including risk management and loss prevention.

Personal Skills (Not eligible for Principal or Deputy Principal Brokers)
Subjects related to skills required to function efficiently in an insurance brokerage office, as a customer service representative or as a producer. Subjects would include, but not limited to, sales and
marketing skills, and communication and writing skills.

For spot check purposes, continuing education certificates should be kept for 5 years to indicate compliance with the Continuing Education Program. The continuing education certificates are not to be submitted to RIBO unless specifically requested by RIBO during a spot check. The Principal Broker will be responsible for ensuring that licensed individuals comply with RIBO requirements. However, it is also each individual’s responsibility to keep track of their own continuing education hours and certificates for 5 years, even if the brokerage firm/employer keeps a record of it.

Individuals who cannot confirm compliance with the continuing education requirements following a spot check will result in having their licenses suspended. These individuals will not be able to conduct
any business with members of the public until they are in full compliance and had their licenses reinstated by RIBO.

All individuals will also be asked at each renewal, to declare compliance with the Continuing Education Program. If the continuing education requirements have not been completed at the time the renewal application form is being filed, the question must be answered accordingly with a brief explanation. By answering that the requirements have been completed when in fact they have
not been, individuals have knowingly falsified the renewal application. Falsification on the annual renewal form constitutes an act of misconduct resulting in an individual’s file being referred to the Complaints & Discipline or Qualification & Registration Committee for review and disciplinary action.

New RIBO Management CE Courses

Jul 16, 2018 | News

4 New RIBO Management CE now available

NEW COURSE: Insurance Distribution Channels

Credit Hours: 2 RIBO Management CE

Demand for insurance products and services remains as strong as ever but there has been a fundamental shift in the channels consumers choose to make their purchases. Insurance is generally bought directly through an insurer (through its captive agents, the web or other direct channels) or through independent agents and commercial brokers who provide access to the products of several insurers. Agreements bind brokerages and insurance companies together. The terms of these can vary according to the companies involved. These agreements will document the relationship that exists between the two parties.

By the end of this course you will be able to:

Explain independent and direct channels of insurance distribution in Canada
Describe agreement between a broker and an insurer
Describe factors considered by a brokerage to choose an insurer
Describe factors considered by an insurer to choose a brokerage

This course is included as part of the ILScorp General CE Courses Subscription

ILScorp General CE Course Subscription

NEW COURSE: Relations between Brokers and Insurers

Credit Hours: 2 RIBO Management CE

Brokerages often regard themselves as being independent of insurance companies, yet their very existence depends upon the insurance company that assumes the risks represented by the policies the broker sells. This tie, in which the broker is the intermediary between the consumer/client and the insurance company, is articulated in the agreements forged between the two entities. Upon completion of this course you will have a strong understanding of the elements of broker agreements.

This course is included as part of the ILScorp General CE Courses Subscription

ILScorp General CE Course Subscription

View all RIBO Management CE Courses

Happy Canada Day 2018!

Jul 1, 2018 | News

Canada Day 2018 is Sunday, July 1.

It will also be observed as a national holiday on Monday, July 2, everywhere in Canada (except in Newfoundland, Labrador, and Nova Scotia.) On this day a large percentage of the population gets the day off… including the staff of ILScorp!

Although the ILScorp offices will be closed Monday July 2nd for Canada Day, you can still purchase or renew your CE course subscriptions online.

Purchase or Renew CE Subscription

Advantages of the ILScorp continuing education course subscriptions:

Once you purchase your subscription, you can begin taking your courses immediately! If you are a new subscriber, you will receive an automated username and password by email.
Access more than 190 accredited general insurance training courses in both text and streaming video formats, including personal lines, commercial lines, auto, farm, professional management and personal skills courses.
Access more than 75 accredited life/A&S insurance training courses in both text and streaming video formats including errors & omissions insurance, money management planning process and insurance and estate planning.
Have a digital record of your completed course work, which we keep on file for up to seven years.
Save time by completing your general insurance continuing education requirements entirely online, no paperwork or commute.
Courses can be accessed any time and you can log in and log out as many times as you wish during the course period.
Quizzes and Final exams are offered in most of our courses to help you retain the information.
Should you require any assistance at any time during your course work, we are here to support you 5 days a week, 0800 – 1700 PST (except on Canada Day!)

Enjoy your Canada Day holiday!
ILScorp

New Course – Relations Between Brokers and Insurers

Jun 14, 2018 | News

Brokerages often regard themselves as being independent of insurance companies…

Yet their very existence depends upon the insurance company that assumes the risks represented by the policies the broker sells. This tie, in which the broker is the intermediary between the consumer/client and the insurance company, is articulated in the agreements forged between the two entities. Upon completion of this course you will have a strong understanding of the elements of broker agreements.

MORE INFO ON COURSE

Access Duration from the Date of Purchase: 6 months
Credit Hours: 2
Credit Type: General/Adjuster – Technical and RIBO Management
Credit #: AIC #48002; MB#30087
Accrediting Provinces: BC, AB, SK, MB, ON

Become an ILScorp group member to save even more.

Included as part of the ILScorp Adjuster CE Subscription.
Included as part of the ILScorp General CE Subscription.

SAMPLE EXCERPT FROM COURSE

Once the scouting and mutual appraisals are completed between insurers and brokers, they enter into a formal agreement with one another. The agreement is the document, but the vital component of the connection is a relationship. When the relationship is strong one, and a “good fit” it can result in a satisfactory and profitable partnership. Good relationships, built on trust and commitment, require fluid and precise communication. Both parties need a clear understanding of their terms of relationship and a means of resolving any issues that might arise.

The Formal Agreement

Particular items are included in formal agreements between Insurers and brokers. These items are identified and explained below.

OVERVIEW OF A BROKER AGREEMENT

Table of contents for Broker Agreements

Identification of Parties and Date of Agreement

Definition of Specific Terms in Agreement

Item 1 Contract Term

Item 2 Restrictive Covenants

Item 3 Broker’s Responsibilities

Item 4 Limitation of the Broker’s authority

Item 5 Expirations and Portfolio Ownership

Item 6 Broker’s Remuneration

Item 7 Direct Billed Policies

Item 8 Broker Billed Policies

Item 9 Hold Harmless Clause

Item 10 Contract Assignment

Item 11 Restoration of Broker-Company Relationship

Item 12 Termination

Item 13 Restricted Brokerage Agreement

Item 14 Dispute Resolution

Item 15 Miscellaneous

Item 16 Electronic Interface

Item 17 Confidentiality and Privacy

Item 18 Contingent Commissions

Signature Page

Name of Insurance Company

Address of Insurance Company

This agreement entered into ________________________ , 20_____

Between: The ABC Insurance Company of Canada (“the Company”) and XYZ Broker (“the Broker” – Address of the Broker)

witnesses that in consideration of the mutual covenants of the parties herein contained, the parties hereto agree as follows:

Definition of Specific Terms in Agreement

The following definitions apply to all Broker Agreement documents.

i) Company

The Company is the undersigned insurance company or companies.

ii) Broker

The “Broker,” or “you” and “your” means the Broker/Brokerage and/or its employees. The Broker is the undersigned person, and may be the authorized individual or legally authorized person representing a partnership or corporation.

iii) Binder

The binder is the temporary agreement that will provide insurance coverage until the policy can be produced and delivered.

iv) Policy

The term “policy’ refers to the written contract of insurance.

v) Double Registered Mail

Double registered mail is a form of registered mail providing the sender with a confirmation when the documents are delivered to the addressee or another person on behalf of the addressee.

Items in the Broker Agreement

Contract Term

The agreement will state the period of the time the contract covers, unless terminated earlier.

Termination of the contract term is subject to the provisions outlined in Item 11. The recommended time frame for termination is generally a period of 180 days.

Restrictive Covenants

A covenant is an agreement. It will become the responsibility of the Broker to ensure the various covenants in the Broker Agreement will apply to all the staff and brokers employed by the party signing the contract. The covenants must be reasonable in order to be legally enforceable.

Broker’s Responsibilities

This item will outline in detail the authority of the Broker and will make reference specific responsibilities of the broker. Examples of the type and variety of authority and responsibilities are shown as follows:

To solicit applications for insurance contracts.
To transfer to the Company monies collected; all premiums or other amounts payable in respect of the Contract established under the terms that apply.
To obtain and renew the licenses required to sell insurance.
To maintain errors and omissions insurance as required.
To be responsible for the actions and behaviour of employees and representatives and their training, including the monitoring and supervising of their activities at the brokerage’s own cost and expense.
To conduct the business activities of the Brokerage in accordance with the highest ethical standards and comply with all federal and provincial laws.
To observe and respect the Company’s Code of Ethics.
To observe and respect the Company’s instructions, rules and regulations as they relate to the customer services activities provided to clients.
To agree to attend the informational and training sessions offered by the Company that deal with its Code of Ethics, Policies and procedures and/or other matters of importance relating to compliance and market conduct matters.
To deliver to the Company without delay all applications, binders, changes, cancellations, policies and endorsements received.
To maintain proper and accurate accounts of all the transactions that relate to the Company and agree to provide these to the company upon their request.
To deliver to the Company without delay any and all claims or complaints the Broker is made aware of that relate to the Company or products/services it provides.
To deliver to the Company without delay upon request any property, including computers and software, manuals, forms and material that has been supplied by the company.
To repay any remuneration to the Company that belongs to it as defined by the terms of this agreement.
To communicate requests to cancel policies and binders where it is legally permissible to do so.
To sign policies of insurance on behalf of the Company.
To obtain the company’s prior written permission to use its name in advertisements and marketing.
To permit the Company or its representatives to visit the Broker during normal business hours in order to examine the business of the Broker and its records that pertain to the Company.
To comply with all regulations stipulated by the Company and government authorities for preventing money laundering activities.
To treat all personal information gathered in such a way as to comply with the Company’s confidentiality policies.
To handle all personal information gathered in such a way as to comply with federal and provincial Privacy Laws.

Limitation of the Broker’s authority

The Broker’s authority is limited by the terms expressed herein. Without limiting the generality of what has just been stated, it is agreed the Broker does not have the authority to do any of the following:

a) To incur liability, debt, expenses, or any similar liability on behalf of the Company.
b) To create, change or cancel contracts on behalf of the Company,
c) To waive forfeiture rights or bind the Company in any form to terms not specifically authorized in writing by a duly authorized representative of the Company.
d) To alter or adjust any premium rate circulated by the Company.
e) To rebate all or any portion of a premium paid.
f) To begin or threaten to begin any legal action against a third party with respect to any matter emerging from, or associated with the actions of the Broker as they pertain to the Company.
e) To allocate to others the rights or benefits contained in this Agreement.
f) To create, copy, use or otherwise allow to be circulated or displayed any marketing, advertisement, brochure, product illustration or other material related to the Company.
g) To copy, use or advertise the trade-mark of the Company and its logo in any fashion or form without written authorization from the Company.

MORE INFO ON COURSE

ALBERTA – Continuing Education FAQs

Jun 1, 2018 | News

The Insurance Agents and Adjusters Regulation of Alberta sets out the Continuing Education Requirements for insurance agents, brokers and adjusters

Here are the answers to some of the most common questions asked by Agents, Brokers and Adjusters in Alberta.

What are the Certificate Terms for Continuing Education?
Life and Accident & Sickness insurance agents, General insurance agents and Adjusters are required to complete in each certificate term at least 15 hours of approved continuing education courses. Effective July 1, 2014, a “certificate term” means the period beginning on July 1 and ending on the next June 30.

How do I know that I have satisfied my CE requirements?
You must log in to AIC and check your CE Summary Report. You are required to have completed 15 CE hours of approved courses each year in order to process the renewal of your license. All approved courses are found in the CE Course Lookup Section on the AIC web site. Contact ILScorp directly for assistance if you are unable to find a course.

Are there any exemptions to the continuing education requirement?
Yes. Individuals who hold a General insurance agent’s certificate limited to hail insurance or livestock insurance and individuals who hold an Adjuster’s certificate limited to hail insurance, travel insurance or equipment warranty insurance are not required to complete a continuing education requirement.

Are there exemptions for Maternity Leave or Long Term Disability?
There are no provisions under the Insurance Act or Regulations to allow an exemption for those agents who are on long term disability or maternity leave.

Is there carry over of hours?
The Insurance Agents and Adjusters Regulation allows for a carry forward up to 7.5 hours of continuing education credits from one year to be used in the next year per class of license.

What are the required hours for new Alberta agents?
1.25 hours per licensed month. Agents who apply for a certificate of authority (license) with 3 or less months remaining in the certificate term are not required to complete the Continuing Education requirement. If your first license was issued on April 1^st, you will not be required to complete a CE requirement until you renew your certificate in the following year.

How do I determine if a course is accredited?
All courses which have been approved by the Accreditation Committee are listed on the Alberta Insurance Council website CE Course Lookup. ILScorp offers Alberta accredited courses for General / Adjuster as well as Life/A&S.

Accredited CE Courses

Why can’t I enter the date that I completed my CE courses?
As you enter the course id number on the AIC website, a number of courses will be presented to you in a drop down for your selection. You must select the name of the course from the drop-down. A calendar will then be made available to select the date of completion. Some courses may have only been approved within a specific date range.

When entering a CE course on the AIC website, I receive a message that says “You are attempting to save a course in a closed CE term.” Can I still add the course?
You may still add courses in a CE term that has already been closed. Since you will not be able to modify or delete the course once it has been saved, you will be asked if you wish to continue to save the course. Click the “Continue” or “Cancel” button to proceed.

When do I need to have all my CE credits completed?
When you renew your certificate of authority you are required to demonstrate that you have completed 15 hours of approved continuing education courses for each certificate being renewed by entering all approved courses under your profile.

Agents/adjusters who have not entered sufficient continuing education credits will not be able to renew their certificate(s) until sufficient courses have been entered.

What happens if I do not complete sufficient CE hours? Can I renew my license and earn my CE credits later?
All insurance agents and adjusters who are required to complete a CE requirement will not be able to renew their certificate(s) until they have demonstrated that they have sufficient CE credit hours. Failure to complete the CE by June 30^th will result in your certificate of authority automatically expiring and you will not be authorized to act as an insurance agent or adjuster until you have satisfied your CE requirement and re-applied for your certificate(s).

Should I send in the CE certificates provided to me by the course providers?
No, these certificates are only required if the agent/adjuster becomes part of a random audit.

As a new agent can I use credits I earned from course taken before my license was issued?
New agents/adjusters may use credits earned by an approved course towards their first reporting period providing the course was taken in that certificate term.

License Renewal 2018 MANITOBA

May 30, 2018 | News

What happens if you fail to renew your license by May 31?

Manitoba General and Manitoba Life/A&S License renewal deadline May 31, 2018

You will be prohibited from acting as an agent.

Your agency or sponsoring insurance company will be notified immediately of the expiry of your license.

If you wish to apply under the reinstatement process, you will be required to complete ad submit a paper application form, along with the annual licensing fee and the reinstatement fee of $70.00. You will not be able to act as an gent until the Insurance Council of Manitoba approves the application and confirms the reinstatement by email to you. Delays could occur where additional requirements must be submitted for reinstatement.

Accredited CE Courses

Renewal instructions are available on the ICM website here. Users Guides and Frequently asked Questions (FAQS) are also available on the ICM website. Phone calls or emails from licensees with questions that are answered within the User Guides and FAQs will no be returned by Council.

Council recommends that you renew your license immediately to provide time to deal with any potential issues before the deadline. Online license renewal is the ONLY method of renewing your license. There are approximately 15,000 licenses being renewed in the month of May, you may find the ICM system slow when trying to renew.

MESSAGE FROM THE INSURANCE COUNCIL OF MANITOBA

Don’t leave the entry of your completed Manitoba CE credits until the last minute. Enter credits upon completion and allow the on-line CE system to
a) track how many CE credits you have completed,
b) remind/inform you of how many more credits are required to renew your license and
c) simplify your on-line renewal.

Login with your User ID and Password and click on “Continuing Education” to view your CE Status and log the CE courses that you have successfully completed. Simplified instructions to enter your CE credits are outlined under “Report Courses”.

Continuing education credits must have been obtained from an accredited course provider, or have received individual course approval by the ICM. If a licensee intends to apply a course or seminar that is not offered by an Accredited Course Provider, completion and submission of the Individual CE Approval Application is required. The application form must be submitted to the ICM at least 30 days in advance of the course to ensure sufficient time to make an informed determination as to whether the CE course qualifies for Manitoba CE credits. More information on what type of CE would fall into this category can be found on the ICM website under “Continuing Education Info”.

Entry of CE for the same course more than once may be permitted on an exception basis only. If an agent wishes to claim credit for a course more than once, the agent must contact Council for prior approval and provide written reasons. This review is subject to the individual course review fee of $50.

For your reference, the CE requirements including the applicable definition for each class of license can be located on the ICM website, and are briefly outlined below:

Life and/or Accident & Sickness

15 hours accumulated from June 1 – May 31
no carry forward

General

8 hours accumulated from June 1 – May 31
maximum of 4 carry forward

Auto-Only Brokers

4 hours accumulated from June 1 – May 31
maximum of 2 carry forward

Adjusters

8 hours accumulated from July 1 – June 30
maximum of 4 carry forward

CE Information specific to Non-Residents of Manitoba

Non-residents residing in Canadian jurisdictions that have mandatory CE requirements will be deemed to have met the requirement in Manitoba. Agents/Brokers and Adjusters residing in a jurisdiction where CE is not mandatory are required to comply with Manitoba’s CE requirements. CE Credits must be obtained from an Accredited Course Provider or a course that has been individually approved by the ICM.

Residents of the United States of America are required to comply with the Manitoba CE requirements. CE Credits must be obtained from an Accredited Course Provider or a course that has been individually approved by the ICM. However, if a US resident has completed a course that meets the applicable Manitoba requirements , the agent may apply for consideration of individual approval. Should the ICM determine that the CE course is not applicable to the Manitoba CE definition, the US resident would be required to complete additional CE courses to meet the mandatory Manitoba CE requirement.

Questions can be directed to contactus@icm.mb.ca.

Continuing Education Requirements Ontario – RIBO

Continuing Education Requirements – RIBO

Key Regulatory Provision – ONTARIO REGULATION 991
5. (1) An individual is qualified to be issued and hold a certificate of registration as an insurance broker where,
(d) the individual complies with the continuing education requirements established by the Council.