ILScorp Blog
The latest and greatest info from ILScorp!
MFDA CE Coming Soon
Mutual Funds Dealers Association of Canada. ILScorp currently has 2 MFDA accredited courses and more coming soon! Courses listed at the bottom of this post.
MFDA Continuing Education Requirements. Only recognized Continuing Education (CE) activities taken on or after this date can be reported in the CE Reporting and Tracking System (“CERTS”) and count towards the fulfillment of the new CE Requirements
All Participants must complete the required number of credits in each CE cycle. Each cycle will be 2 years in length, starting December 1 of each odd numbered year. This aligns with the CSF’s continuing education cycle.
Online Courses for RIBO CE
NEW COURSE: Unfair or Deceptive Acts or Practices Rule = 1 RIBO Ethics CE. The purpose of the course is to provide detailed information to show the broadened scope of unfair and deceitful acts and practices in the FRSA Rule and to make insurance professionals aware of the importance of being fully versed in its stipulations.
Office Closure Monday September 19, 2022
In honour of more than 70 years of service and dedication to the people of the province, the Government of BC is declaring Monday, September 19, 2022, as a day to honour the memory of Her late Majesty, Queen Elizabeth II.
On this day, provincial government offices, schools and other entities will be closed. In observance of the national day of mourning to mark the Queen’s passing, ILScorp offices will also be closed on Monday September 19th, 2022.
Thank you.
ILScorp
2022 License Renewals – Deadline June 30th
There is no “grace period.” Once your certificate has expired automatically on June 30th, you are no longer authorized to act as an insurance agent/adjuster until a certificate has been issued. You will be required to submit a new on-line application that is approved by your recommending insurance company or Designated Representative (as applicable), and submit it with the appropriate fee payment.
Compliance Audit for Continuing Education – AIC
As the AIC conducts the Continuing Education (CE) Audit, many questions are received in relation to the topics noted below. As such, we have provided answers to the commonly asked questions. What is the requirement for Continuing Education? All Life, Accident and Sickness and General Insurance Agents and Adjusters renewing their certificate of authority (license) are required to complete in each certificate term at least 15 hours of the approved continuing education courses.
Changes to structure of BC licence and application fees
Rule change differentiates between individual and corporate license fee, rebalances costs. Changes to a number of Insurance Council fees will be in effect for the upcoming license year that starts June 1. This includes increases to license and application fees, and differences in individual and corporate licenses. A notable aspect of the changes is that they introduce a revised fee structure that rebalances how regulatory oversight is funded by licensees.
Does My Assistant Need an Insurance License?
There are many instances where licensed individuals may utilize the services of unlicensed assistants. Recently, The Manitoba Insurance Council has received inquiries as to what types of activities require licensure. By licensing agents, brokers and adjusters, Council ensures adequate education and experience standards are met and continued, and that individuals are financially reliable by maintaining continuous professional liability insurance (Errors and Omissions coverage), in order to protect the public.
New Life CE Course – Client Focused Reforms
The Client Focused Reforms that came into effect in 2021 have created a significant amount of dialogue, and more than a few questions. Stakeholders want to be prepared for the changes, to meet the expectations, and to incorporate practices which will result in the desired goals. Several branches of the industry have come together in a committee to respond to the questions posed by stakeholders. The Canadian Securities Administrators (CSA) convened a Client Focused Reforms Committee which includes members of its own, as well as staff from the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada.
New CE Course – Cargo Coverage and Claims
Cargo claims represent one of the largest categories of property and liability claims both in number and value. The purpose of this course is to prepare the participant to competently handle the discussion of cargo coverage and its important benefits, as well as to explain and assist in the claims process.