Important Notice

Life Licence Qualification Program (LLQP)

January 2003


 

Mandatory LLQP Implementation effective January 1, 2003

Beginning January 1, 2003, the Level I examination will no longer be recognized in Manitoba for the purpose of qualifying as a new life insurance agent. Completion of the LLQP course and examination - full or restricted - will be the only recognized way for entry level agents to obtain a licence.

Level I Life Insurance Agent Licenses will not be issued to new applicants unless they have passed the examination prior to January 1, 2003.

The Insurance Council of Manitoba and other provincial and territorial regulators have been and will continue to monitor the performance of agents and course providers as the LLQP is introduced. We intend to ensure that the objective of modernizing the proficiency standard to enhance the ability of new agents to meet consumer needs is achieved.

 

Transition Measures
Existing Level I agents and Level II agents

A licensed agent with Level I qualifications obtained prior to January 1, 2003 will not be affected by this change. He or she will be subject to completing the requirements for a Level II licence within three years from the date that the licence was first issued, provided he or she remains 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, 2003 will not be affected by this change. He or she will continue to qualify for a licence upon renewal, based on his or her Level II qualifications.


Effect on Level II Licenses

Level II - The LLQP will not have any effect on licensees who hold a Life Insurance Agent Level II Licence on December 31, 2002. These licensees will be granted the new unrestricted licence.


Approved Course Providers

A listing is available on our web-site under "LLQP Listing of Approved Course Providers".


Transition from Old System to New System

Licensees who hold a Life Insurance Agent Level 1 Licence on December 31, 2002, will have to further their education prior to the later of January 1, 2003 and the three year anniversary date of the effective date of their initial licence by either completing the IFATC program or successful completion of the Level 2 qualification exam which are offered by CAIFA or by completing the full LLQP. Completion of the Restricted LLQP is not an option.

Licensees who do not further their education prior to the later of January 1, 2003 and the three year anniversary date of the effective date of their initial licence will not be permitted to conduct any further life insurance activity. Should you, at some future date, wish to obtain a licence, you will be subject to the successful completion of the Life Licence Qualification Program (LLQP).

New Entrants after December 31, 2002

After December 31, 2002, individuals may qualify for an unrestricted Life Insurance Agent Licence by completing the LLQP. Individuals may qualify for a restricted licence by completing the Restricted LLQP.

Individuals who decide to complete the Restricted LLQP will qualify for a restricted licence on the following conditions:

  • The licensee must enrol in the Residual Portion of the LLQP course within 180 days of being licensed;
  • The licensee must complete the Residual Portion of the LLQP course and pass the LLQP exam within two years of being granted a licence or before the four year transition period expires, whichever is the shortest period;
  • An application and needs analysis (all sales must now be supported by a needs analysis) must be co-signed by a licensee who has
    • completed the full LLQP program or who previously held a Level 2 Licence; and
    • has three years experience;

In addition, the sponsoring insurance company and other companies accepting business from a licensee with a restricted licence must provide an undertaking when they sponsor or contract with the licensee that they will maintain records and a system to ensure the above requirements and restrictions are met.

This option will be available to anyone considering becoming a life insurance representative and the decision to select this option is at the sole discretion of each applicant.

LLQP and Accident & Sickness Insurance Licensing

The LLQP includes updated standards to reflect the skills necessary to do accident and sickness insurance business in today's marketplace. The LLQP pre-training course components dealing with accident and sickness insurance and the LLQP examination to test that material will become mandatory for new applicants for an accident and sickness only licence on January 1, 2003.

Licensees who hold an Accident and Sickness Insurance Agent Licence on December 31, 2002 and have received that licence by passing the current Accident and Sickness Insurance Agent Examination will not be required to complete the new education requirement.

Re-entry to the Life Insurance Field after December 31, 2002

A person who applies for a licence within one year following expiration of a licence previously held will be eligible for the licence previously held.

A person who applies for a licence more than one year after expiration of a licence previously held will be required to complete the new LLQP licensing requirements. For individuals who hold a CLU, and have kept their designation in good standing, the time frame will be extended to three years.

Further information may be obtained by contacting the Insurance Council of Manitoba office at (204) 988-6800 or by email This email address is being protected from spambots. You need JavaScript enabled to view it..


 

Where You'll Find Us

466-167 Lombard Avenue
Winnipeg, Manitoba
R3B 0T6
  • PHONE:
    (204) 988 6800
  • FAX:
    (204) 988 6801