The Life Licence Qualification Program has been implemented as the mandatory life insurance licensing system in Ontario.

Beginning Jan. 1, 2003, the Level I examination is no longer recognized in Ontario for the purpose of qualifying as a new life insurance agent, unless the agent has requested to write the examination with the Canadian Association of Insurance and Financial Advisors prior to that date, and passes the examination by January 31, 2003.

FSCO and other regulators have introduced some temporary measures to ease the transition from the existing standard to the LLQP. Existing Level I agents whose qualifications were obtained prior to 2003 will not be affected by this change. He or she continues to be required to complete the requirements for a Level II licence within four years from the date that the licence was first issued, provided they remain licensed over that period.

The Level II examination, modified as required, will continue to be recognized for this purpose. A licensed agent with Level II qualifications obtained prior to January 1 will not be affected by this change either. He or she will continue to qualify for a licence upon renewal, based on his or her Level II qualifications.

While all new agents are required to complete the full LLQP course and examination, for a limited period of time the Superintendent of Financial Services is prepared to permit applicants to use a two-step approach to completing the LLQP. The Superintendent will grant a life agent licence, referred to as a Transitional Restricted Licence, to individuals who have not met the requirements for the full LLQP, but who have completed a designated portion of the LLQP course and a designated portion of the LLQP exam, and who apply for the Transitional

“We are confident that this program will serve to enhance the training and proficiency standards of life insurance agents across the province,” says
FSCO.