The Canadian Association of Insurance and Financial Advisors is calling for the adoption of a harmonized, one-step life licensing system in all provinces to reduce regulatory complexity, raise the bar for new entrants, and enhance consumer protection.

In a letter sent to provincial ministers on March 22, CAIFA president Dave Thibaudeau urged them “to do all that is necessary to give legal effect to the new regulatory proposals for life insurance agents, commonly referred to as the Life Licensing Qualification Program.”

The LLQP contains: a mandatory preliminary course of study, delivered by accredited suppliers; substantially broader and deeper content; and a more demanding licensing examination that requires the applicant to demonstrate an ability to apply the knowledge that has been acquired.

“The LLQP is a working instrument that can train and certify financial advisors, who have the necessary qualifications, to effectively provide life insurance products and services to consumers,” says Thibaudeau. “This program raises the bar and should be implemented without further delay.”

The final remaining step is to implement the LLQP into the statutory licensing framework of each participating jurisdiction. Quebec has already previously developed a similar independent program. CAIFA proposes a target date for national implementation of the LLQP of August 1.