On June 1, participating Canadian regulators will start to licence the first graduates of the new Life Licence Qualification Program or LLQP. The new LLQP applies to new agents entering the field.

The LLQP will be accepted as an option to the existing provincial requirements in all provinces except Quebec where an updated standard already exists.

Jim Hall, Superintendent of Insurance in Saskatchewan and chair of the Canadian Council of Insurance Regulators says that the LLQP is a positive step for the life industry as a whole. “The LLQP is a response to the changing needs of today’s consumers,” says. Hall.”

Gerald Matier, executive director of the Insurance Council of British Columbia and chair of the Canadian Insurance Services Regulatory Organizations says, “The LLQP benefits both agents and consumers. For agents, it will harmonize proficiency standards in all provinces except Quebec, and for the consumer it means that agents will have updated competency skills to provide sound insurance advice to their clients.

He adds, “another advantage for agents is that with harmonized standards it will be easier to conduct business all over the country.”

The LLQP would enable all agents in Canada to meet the same proficiency standards and have the same form of licence. This will facilitate doing business across Canada and agents moving between provinces. Moreover, consumers will receive the same standard of proficiency and protection, regardless of where they live.

Some of the areas covered in the new curriculum include, life insurance products, disability and accident and sickness products, insurance related investment products, and consumer needs analysis and risk management.

Provincial government approval for mandatory adoption is required in some jurisdictions.