Improved Licensing Program for Life Insurance Agents

ENVIRONMENT/LABOUR--Improved Licensing Program for Life Insurance Agents

A new licensing program that will ensure better service for consumers and improve training for life insurance agents was announced today, Feb. 26.

The Life License Qualification Program (LLQP), managed by the Department of Environment and Labour, is already in use across the country.

"Implementing this one-step system of licensing will ensure consumers get top-notch service from life insurance agents," said Ron Russell, Minister of Environment and Labour. "It is consistent with other provinces and will improve interprovincial trade and labour mobility in the industry."

The LLQP consists of a pre-licensing course and examination. Both were carefully developed over three years by regulators and people in the life insurance industry, assisted by educational experts.

Agents currently holding valid life insurance and accident and sickness insurance licenses in Nova Scotia will be grand fathered and not required to meet this new standard.

Nova Scotia will administer the LLQP exams through Environment and Labour's Superintendent of Insurance office and Access Nova Scotia offices across the province. The examination fee remains unchanged at $50 for the first sitting and $25 for supplemental sittings.

A description of the course curriculum for the LLQP is posted on the Canadian Council of Insurance Regulators Web site at www.ccir-ccrra.org . Information about the course providers can be found on the Department of Environment and Labour's Financial Institutions Web site at www.gov.ns.ca/enla/fin/fininst.htm . Each LLQP course provider sets the cost of the course.