The Canadian Council of Insurance Regulators has approved a one-step licensing system as it moves to harmonize licensing education requirements for new insurance agents across the country.

CCIR says a single set of rules will “reduce regulatory complexity and enhance internal trade, while ensuring consumers are protected throughout Canada.”

The requirements will affect all provinces, with the exception of Quebec, which already has its own standards.

The model is expected to be phased in over the next four years, beginning in early 2002, subject to final approval by individual jurisdictions.

Winston Morris, the chairman of CCIR and superintendent of insurance for Newfoundland and Labrador, says the new model will contain a mandatory pre-licensing training course and an enhanced regulatory licensing exam.

The new proficiency standard will apply only to new entrants to the life insurance field. Current Level I agents will be given a “reasonable” time to obtain a Level II licence under the existing standards.