Agents suspected of cheating LLQP exam could have a tough time obtaining licence down the line
Last month, the Insurance Council of British Columbia announced it was investigating 21 agents it suspected of cheating on a licensing exam.
The agents concerned were taking the Life and Accident and Sickness Insurance exam, and had their life insurance licences suspended as the council collects evidence.
Speaking to Life-Health Professional at the time, Insurance Council of British Columbia executive director Gerry Matier explained that measures were being put in place nationwide to make the licensing process more secure.
The Canadian Insurance Services Regulatory Organizations (CISRO) is a collection of regulatory authorities for insurance nationwide and develops standards for qualifications, including The Life Licence Qualification Program (LLQP).
For anyone suspected of cheating on an exam, a thorough investigation takes place by the relevant jurisdiction, before possible sanctions. Speaking to LHP, Ontario’s regulator, the Financial Services Commission of Ontario (FSCO) outlined how it responds to such cases.
“In cases where FSCO has reason to believe there has been cheating on the LLQP exam, we conduct a thorough investigation. Then, depending on the findings, anyone found to have cheated could face a range of enforcement action, including administrative monetary penalties and the revocation or refusal of an agent licence.”
For those currently facing sanction by the Insurance Council of British Columbia, there will likely be significant hurdles should they want to work as a life insurance agent in Canada again.
“It should be noted that passing the LLQP exam is only one component of applying for a life insurance agent licence,” said FSCO. “While an individual may re-take the LLQP exam, passing it does not mean they will be approved for a licence.”
Licensing bodies also review applicants for their suitability to hold a licence, which includes criminal background checks and reviews of enforcement actions taken by Canadian regulators, and it doesn’t end there.
“New licensees are also required to be sponsored by an insurance company for the first two years, and that insurer is responsible for investigating the individual’s record, confirming they are of good character and reputation, and monitoring their activity to ensure compliance with legislation and regulations.”
Related stories:
Regulator investigating agents cheating on licensing exams
BC regulator lays down law on third-party insurance sales
The agents concerned were taking the Life and Accident and Sickness Insurance exam, and had their life insurance licences suspended as the council collects evidence.
Speaking to Life-Health Professional at the time, Insurance Council of British Columbia executive director Gerry Matier explained that measures were being put in place nationwide to make the licensing process more secure.
The Canadian Insurance Services Regulatory Organizations (CISRO) is a collection of regulatory authorities for insurance nationwide and develops standards for qualifications, including The Life Licence Qualification Program (LLQP).
For anyone suspected of cheating on an exam, a thorough investigation takes place by the relevant jurisdiction, before possible sanctions. Speaking to LHP, Ontario’s regulator, the Financial Services Commission of Ontario (FSCO) outlined how it responds to such cases.
“In cases where FSCO has reason to believe there has been cheating on the LLQP exam, we conduct a thorough investigation. Then, depending on the findings, anyone found to have cheated could face a range of enforcement action, including administrative monetary penalties and the revocation or refusal of an agent licence.”
For those currently facing sanction by the Insurance Council of British Columbia, there will likely be significant hurdles should they want to work as a life insurance agent in Canada again.
“It should be noted that passing the LLQP exam is only one component of applying for a life insurance agent licence,” said FSCO. “While an individual may re-take the LLQP exam, passing it does not mean they will be approved for a licence.”
Licensing bodies also review applicants for their suitability to hold a licence, which includes criminal background checks and reviews of enforcement actions taken by Canadian regulators, and it doesn’t end there.
“New licensees are also required to be sponsored by an insurance company for the first two years, and that insurer is responsible for investigating the individual’s record, confirming they are of good character and reputation, and monitoring their activity to ensure compliance with legislation and regulations.”
Related stories:
Regulator investigating agents cheating on licensing exams
BC regulator lays down law on third-party insurance sales
