Jun 5, 2017 | News
Alberta an insurance professional’s regulatory responsibilities
In this four part course you will be guided through the regulatory responsibilities expected of an Insurance professional in the province of Alberta. This online course looks specifically at the Insurance Council of Alberta, it’s subordinate councils and the rules and regulations that guide them. We then take a closer look at appeals, the election process and general provisions and finally the code of conduct for General Insurance licensees is covered in detail.
Other topics covered include:
Appeals
Provisions and Elections
Code of Conduct
This course is included as part of your ILS CE Course Subscription
More Info on Course
Access Duration from the Date of Purchase: 6 Month(s)
Credit Hours: 2
Credit Type: General/Adjuster or Life/A&S
AIC# 43817 General/Adjuster
AIC# 43818 Life/A&S
ALBERTA ACCREDITED ONLY
Detailed Course Lesson Plan
Lesson 1 – Insurance Councils
1. Interpretation
2. Composition of Alberta Insurance Council
3. Composition of Life Insurance Council
4. Composition of General Insurance Council
5. Composition of Adjuster Council
6. Chairs of Council
7. Becoming Ineligible
8. Term
9. Delegation
10. Delegation of Alberta Insurance Council
11. Life, General and Adjuster Councils
12. Inspection of Records
Lesson 2 – Appeals
13. Appeal Board
14. Becoming ineligible
15. Term
16. Notice of appeal
17. Panels
18. Remuneration, fees and expenses
19. Hearing and notice of hearing
20. Evidence – councils decision
21. Written Submissions
22. Procedural fairness
23. Panel orders
24. Disposition of appeal fee
25. Requirements for order
26. Appeal to court
27. Evidence
28. Court orders
Lesson 3 – General Provisions and Elections
29. Eligibility for candidates
30. Nominations
31. Voter eligibility – council elections
32. Voter eligibility – appeal board elections
33. Election process
34. Alternate elected members
35. Repealed AR 104/2006 s13
36. Repeal
37. Expiry
38. Coming into force
Lesson 4 – Code of Conduct Principles
1. Trustworthiness
2. Good Faith
3. Competence
4. Financial Integrity
5. Dealing with Clients
6. Dealing with Insurers
7. Dealing with Agents
8. Dealing with Agents
9. Conduct Specific to Agents acting as insurance adjusters
10.Dealing with the Alberta insurance council
11.Compliance with governing legislation and the code
May 30, 2017 | News
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May 25, 2017 | News
How many CE credits do I need to renew my insurance license?
Canadian Insurance Continuing Education Requirements and Record Keeping
The following information is to be used as guidance to help you ensure you meet your professional requirements and obligations. For more information or for help with specific questions, contact your provincial or territorial insurance council.
BC CE REQUIREMENTS
- General insurance – June 1 to May 31 annually – 4, 6 or 8 CE credits, depending on experience (see below for more information)
- Adjusters – June 1 to May 31 annually – 4, 6 or 8 CE credits, depending on experience (see below for more information)
- Life and Accident and Sickness – from June 1 to May 31 annually – 5, 10 or 15 CE credits, depending on experience (see below for more information)
Depending on what license the licensee holds, there are other restrictions in place:
General insurance
- Licensees with an approved designation (CAIB, CIB, CIP [formerly AIIC], CCIB, FCIP and CRM) must have 4 continuing education credit hours
- Licensees who do not have an approved designation but have been licensed as a general insurance agent or salesperson for at least 5 out of the last 7 years in Canada must earn 6 continuing education credit hours
- Licensees who do not have an approved designation and who have not been licensed as a general insurance agent or salesperson for at least 5 out of the last 7 years in Canada must earn 8 continuing education credit hours
- No single course can be accredited for more than 8 hours
- No more than 7 credit hours can be earned in a single day
- If a course includes an exam, the student must pass the exam to receive the credit hours
- Excess credit hours cannot be carried over into the next licensing period
Adjusters
- Licensees with an approved designation (CAIB, CIB, CIP [formerly AIIC], CCIB, FCIP and CRM) must have 4 continuing education credit hours
- Licensees who do not have an approved designation but have been licensed as a general insurance agent or salesperson for at least 5 out of the last 7 years in Canada must earn 6 continuing education credit hours
- Licensees who do not have an approved designation and who have not been licensed as a general insurance agent or salesperson for at least 5 out of the last 7 years in Canada must earn 8 continuing education credit hours
- No single course can be accredited for more than 8 hours
- No more than 7 credit hours can be earned in a single day
- If a course includes an exam, the student must pass the exam to receive the credit hours
- Excess credit hours cannot be carried over into the next licensing period
Accident and Sickness (A&S)
- Licensees who hold an approved designation (CFP, CLU, RHU,FCIA,FLMI or CEBS) must earn 5 hour of continuing education credits
- Licensees who have been licensed as a life insurance agent for at least 5 out of the last 7 years but do not have an approved designation must have 10 hours of continuing education credits
- Licensees who have not been licensed for at least 5 out of the last 7 years and do not have an approved designation must obtain 15 hours of continuing education
- No single course can be accredited for more than 15 hours
- No more than 7 credit ours can be earned in a single day
- If a course includes an exam, the student must pass the exam to receive the credit hours
- Excess credit hours cannot be carried over into the next licensing period
Life Insurance
- Licensees who hold an approved designation (CFP, CLU, RHU,FCIA,FLMI or CEBS) must earn 5 hour of continuing education credits
- Licensees who have been licensed as a life insurance agent for at least 5 out of the last 7 years but do not have an approved designation must have 10 hours of continuing education credits
- Licensees who have not been licensed for at least 5 out of the last 7 years and do not have an approved designation must obtain 15 hours of continuing education
- Only technical material will qualify for continuing education. This includes education relating to:
- Life insurance products
- Financial planning, provided the education is geared towards life insurance and not a non-insurance sector such as securities or mutual funds
- Compliance with insurance legislation and requirements, including the Insurance Act, Council Rules, privacy legislation
- Ethics
- E&O
- Excess credit hours cannot be carried over into the next licensing period
- No course can be accredited for more than 15 hours;
- There is a daily maximum of 7 hours; and
- Where a course involves an exam, you must successfully pass the exam.
Licensees must ensure they have a valid record of course completion. These records must be kept for five years from the end of the licensing period from when the credit was obtained. The Insurance Council of British Columbia may conduct random audits. Licensees who lack proper records or documentation may face disciplinary action, including the invalidating of the license.
Generally, one hour of instruction is equal to one hour of continuing education credit, with a one hour minimum. Breaks are excluded from the hour and students must complete the course or the seminar.
ALBERTA CE REQUIREMENTS
- General insurance – July 1 to June 30 annually – 15 CE credits
- Adjusters – July 1 to June 30 annually – 15 CE credits
- Life and Accident and Sickness – July 1 to June 30 annually – 15 CE credits
Agents, brokers and adjusters in Alberta must maintain their continuing education certificates for three years after the expiry of the licensing period in which the credits were earned. The Alberta Insurance Council may conduct random audits and these audits will only extend back three years.
Alberta allows for a carry-over of 7.5 hours/credits per year, per insurance class.
All licensees will be required to earn 15 hours of credits per certificate (with a carry-over of 7.5 hours per year allowed.) When renewing his or her license, the licensee must declare that he or she has obtained the required number of hours. The Alberta Insurance Council may conduct random audits.
MANITOBA CE REQUIREMENTS
- General insurance – June 1 to May 31 annually – 8 CE credits
- Adjusters – July 1 to June 30 annually – 8 CE credits
- Life and Accident and Sickness – from June 1 to May 31 annually – 15 CE credits
Licensees must self-report their earned continuing education credits online through the Insurance Council of Manitoba’s Enhanced Online CE Module.
Continuing education requirements vary by license, as follows:
General insurance
- 8 credit hours accumulated from June 1 to May 31
- Maximum of 4 credit hours can be carried forward each year
Adjusters
- 8 credit hours accumulated from July 1 to June 30
- Maximum of 4 credit hours can be carried forward each year
Life and/or Accident & Sickness
- 15 credit hours accumulated from June 1 to May 31
- Carryover of excess credit hours is not permitted
Auto-only brokers
- 4 credit hours accumulated from June 1 to May 31
- Maximum of 2 credit hours can be carried forward each year
To see all provincial CE credit requirements visit the ILScorp Resource Center: https://ilscorp.com/resource-center/
May 23, 2017 | News
Hope you enjoyed your long weekend!
Now it’s back to work and back to mandatory CE requirement deadlines.
Hooray!
Don’t stress out just yet.
Yes there are only days left to the May 31 CE credit deadline but with ILS your CE is FAST, EASY and DONE!
Get online and get to work. Purchase or renew your ILS CE Course Subscription and complete your CE requirements entirely online now.
ILS offers accredited continuing education courses for insurance agents and financial planners across Canada. Continuing Education deadlines for insurance agents in BC and Manitoba are May 31, and Alberta’s requirements must be met by June 30 this year. With an ILS CE Course Subscription immediately access hundreds of provincially accredited CE hours for one low cost.
Renew or Purchase CE Subscription
Your CE Deadline Dates
MAY 31 – BC Life / General / Adjuster – MB Life / General
JUNE 30 – AB Life / General / Adjuster – MB Adjuster
SEPT 30 – ON General
May 10, 2017 | News
Behavioural Finance
Irrational behaviours can be among the most difficult behaviours to deal with. People exhibiting irrationality tend to focus on their own way of thinking rather than a more predictable mindset. This irrational mindset can have negative consequences for a person’s life and investments.
Luckily, there are ways to bring an irrational person back to a rational mindset. As an investment advisor, it is your job to identify these behaviours and then correct them. Client irrationality, left unchecked, can wreak havoc on an investment portfolio.
Behavioural Finance: Lesson 1
Introduction to Economic Theory
This course briefly introduces Traditional Finance Theory as a backdrop to the new field of Behavioural Finance Theory. This first section will go over the assumptions that Traditional Finance Theory makes and how, in real life, not all of them hold up. Additionally, you will be introduced to Behaviour Finance and shown how it fills in the holes left by Traditional Finance Theory. Lastly, you will be introduced to some of the anomalies of the market place as well past market inefficiencies and market crashes.
Behavioural Finance: Lesson 2
Investment Behavioural Types and Biases
This section focuses on how irrationality affects the stock market. It will identify some of the flaws of Traditional Finance Theory and how the new field of Behavioural Finance attempts to circumvent these flaws. This section also highlights some biases your clients might have and possible pitfalls to investment that you can help them avoid. The course material will help you to identify types of investors and to anticipate their needs and preferences. Overall, the course objective is to make you a better advisor, able to serve your clients with a broader perspective and maximize the returns on their portfolios.
EXCERPT FROM BEHAVIOURAL FINANCE COURSE
Behavior Investment Types (BIT)
This section will focus on the personality traits of certain investors. Each of these personality types exhibit some kind of irrational behavior, that when identified, can help you better serve your client. You might also see some of this behaviour in yourself.
These types do not necessarily have to be memorized, but knowing how to identify certain personality traits will help you work through your client’s irrational behaviour.
In this section we will go over the difference between a passive and active investor. We will also show how the investment goals of a person changes as their age changes. Lastly, we will go over two behavior-based models based on the different behaviour types prevalent in investors.
Passive vs. Active Investor
- Passive investors are those investors that generally acquire their wealth through inheritance or through risking other people’s money. These people generally have a high need for security and have a low tolerance to risk. Many of these people are also generally older and closer to retirement age. Plus, passive investors are more focused on preserving their wealth than gaining more.
- Active investors have been actively involved with the creation of their own wealth. They have also risked their own capital in achieving their wealth. Generally these people have a high-risk tolerance. These people are often demanding clients and like to be involved in their finances.
An investment advisor and/or life agent needs to understand the perspective of the client to better serve his or her needs. For example, offering a bond index fund to an active, risk-focused investor may show less success than to a passive investor.
Access Duration from the Date of Purchase: 6 Month(s)
Credit Hours: 4
Credit Type: Life/A&S
Credit #: AIC45737 MB28340
Accrediting Provinces:
May 9, 2017 | News
Today, Tuesday, May 9th, is general voting day in British Columbia for the provincial election.
In order to give our employees time to exercise their right to vote, ILScorp offices will be closed at 4pm PST.
Did you know?
- The number of people who turned out to vote ahead of election day this year is 70% higher than last time.
- 2017 marks the 100th year since women won the right to vote in BC.
- The final count, including absentee votes, doesn’t take place until May 22 to 24.
