ILScorp Blog
The latest and greatest info from ILScorp!
Difference between Insurance Agents and Brokers
The Role of Insurance Agents and Brokers in the Distribution of Insurance Products.
Insurance agents are intermediaries between the applicant for insurance and the insurance company. They are not a party to the insurance contract. An insurance agent represents the insurance company in dealings with a third party. Example: The XYZ Insurance Company has entered into an Agency Agreement with Justin Case Agencies. All salespeople who work at Justin Case Agencies are considered to be
Be Thankful You Work In Insurance
At the end of the day, the insurance industry provides people with opportunity. The opportunity to learn, grow and help others achieve their dreams. And, being in the business of helping people, is a great business to be in. Wishing you a Happy Thanksgiving from ILScorp!
ILScorp hosts another successful Intact Commercial Producer School
The 2018 Intact Insurance Commercial Producer School was an amazing success!
Students from BC, Alberta, Saskatchewan and Manitoba all attended this years 19th Annual Intact CPS course at the Westin Bear Mountain Golf Resort, Victoria BC from September 24 – September 28, 2018.
New Course for RIBO Management CE
New course, Financial Management of Brokerages Course, accredited for 2 RIBO Management CE. Financial management is the big-picture enterprise of which record-keeping is one significant activity. Overseeing the assets, liabilities, capital structure, income and expenses of the brokerage to support its profitability is the function of financial management. In order to produce the “numbers” that add up to success, managers must possess the skills to orchestrate all the elements that contribute to the financial picture.
RIBO Monitoring and CE Compliance
Once you have completed your CE, do not send the continuing education certificates to RIBO. Each individual is responsible for their continuing education hours and certificates as the continuing education program is self-regulatory. It is recommended that each individual maintain a Continuing Education Record Sheet and folder to place the certificates received from seminar providers. There will be a question on the annual renewal form to declare compliance with the Continuing Education Program. For spot check purposes, continuing education certificates should be kept for 5 years to indicate compliance with the Continuing Education Program. The Principal Broker will be responsible for ensuring that licensed individuals comply with RIBO requirements.
Continuing Education Requirements Ontario – RIBO
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.
New RIBO Management CE Courses
Four 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
Happy Canada Day 2018!
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.
New Course – Relations Between Brokers and Insurers
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.