Continuing Education Requirements for a Life and/or Accident and Sickness Licensee in Saskatchewan.
(1) Licensees are required to earn a minimum of fifteen credit hours of continuing education in each annual reporting period.
(2) Only credit hours earned in a reporting period are eligible unless written consent is provided by Saskatchewan Insurance Council.
(3) Failure to comply with the continuing education requirements shall result in a suspension of licence until the licensee has earned the required continuing education credit hours.
Definition of Continuing Education
(1) Only courses that provide technical education are considered to qualify as continuing education including courses that directly relate to:
(a) Life or accident and sickness insurance products;
(b) Financial planning provided that:
- a minimum of ten of the fifteen hours required per year is related to life or accident and sickness insurance; and
- a maximum of five of the fifteen hours required per year is related to non-insurance sectors such as securities and mutual funds;
(c) Compliance with insurance legislation and requirements such as Council’s Code of Conduct, Act and bylaws made pursuant to that Act, privacy legislation and anti-money laundering and anti-terrorist financing legislation;
(d) Ethics;
(e) Errors and Omissions Insurance; and
Life/A&S Accredited CE Courses
Courses leading to an approved designation such as Chartered Life Underwriter (CLU), Certified Financial Planner (CFP), Registered Financial Planner (RFP), Certified Health Insurance Specialist (CHS), Certified Employee Benefit Specialist (CEBS), Personal Financial Planner (PFP), Certified International Wealth Manager (CIWM), Elder Planning Counselor (EPC) and such other designations as are approved by Council.
(2) To receive credit for the purposes of continuing education, the licensee must successfully complete the course.
(3) Courses, programs or meetings related to sales promotion, promotion, motivation or computer training do not qualify for credit hours.
Structure
(1) The education must take place in a structure dedicated to learning which can include,but is not limited to, classroom, seminar, on-line and self-study.
Time
(1) One hour of instruction is equal to one hour of continuing education credit.
(2) A maximum of 8 credit hours will be allowed in one calendar day.
Reporting Requirement for Licensees
(1) Licensees must file an annual report stating the continuing education courses they have attended.
(2) Licensees must retain certificates issued by course provider(s) for inspection by councilin the event of an audit of the licensee’s records by council.
