Ensuring Ontario’s life insurance agents meet the highest national qualification standards
Ontario’s financial services regulator (FSRA) is taking action to ensure that consumers are working with life insurance agents who meet the highest national qualification standards.
FSRA is modernizing the exam procedures for new life insurance agent candidates which will improve the integrity of the examination process in Ontario and align with best practices across Canada.
This new approach raises the minimum level of standards for the Life Licence Qualification Program (LLQP) exam by formalizing exam security procedures and outlining penalties for those cheating on, or attempting to steal, the LLQP exams.
Some of the key policy changes include:
- a longer wait period for candidates after the third and fourth unsuccessful attempt at the exam.
- a requirement for candidates to provide a written response when an exam breach occurs, prior to being able to rewrite the exam.
- tougher consequences for candidates caught cheating such as a two-year suspension period from exams or permanent removal from the exam process and refusal of licensing.
FSRA is working with Durham College, which administers the LLQP exam in Ontario, to ensure a smooth implementation of the new policy. Some aspects of the policy will be implemented in phases after appropriate process and system changes are made.
FSRA’s adoption of this policy is another step being taken to ensure that only qualified candidates can apply for a life insurance agent licence. This move supports our actions last summer to protect the integrity of the LLQP exam and the recent publication of proposed Life Insurance Agent & MGA Licensing Suitability Guidance.
- CISRO’s LLQP Examination Administration Policy (condensed version)
- People who want to sell life and accident & sickness insurance in Ontario must apply for a licence with FSRA. Before applying, they must complete the LLQP.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.