Life Insurance
Life Insurance
The Life Insurance Councils of Saskatchewan ("LICS") operates under an authority delegated by the Director, Insurance and Real Estate Division to licence and regulate insurance agents and agencies in the province of Saskatchewan.
The Life Insurance Council is committed to a fair, ethical and professional industry which ensures that consumers receive responsible, trustworthy advice and service regarding insurance and related financial matters.
Below you will find the educational requirements and licence restrictions related to the licensing of each category of licence.
Definitions
According to The Insurance Act, an "insurance agent" means, subject to subsection (2), any person who for any compensation and through any medium does one or more of the following:
- acts or aids in any manner in soliciting, negotiating, effecting or procuring the making of any contract of insurance or reinsurance or the continuance or renewal of a contract of insurance or reinsurance on behalf of an insurer, potential insured or insured, whether or not the person has agreements with insurers allowing the person to bind coverage and countersign insurance documents on behalf of insurers;
- holds himself, herself or itself out as an insurance agent, broker or consultant;
- provides consulting, advisory or administrative services with respect to the insurance or contracts of insurance that are described in section 1-14 or 1-15;
- provides advice to a person with respect to a specific insurance policy, plan or program;
- evaluates or managers insurance risks on behalf on an insured;
- Not yet Proclaimed
- transmits for another person an application for or a policy of insurance to or from an insurer;
- retains as compensation any portion of a premium received by the person;
- enrols individuals in prescribed contracts of insurance;
- engages in any other prescribed activity;
According to The Insurance Act, “managing general agent” means an insurance agent that manages all or part of the business of an insurer and carries out specific activities on behalf of that insurer, including:
- soliciting, negotiating or accepting applications for insurance from licensed insurance agents;
- effecting and countersigning contracts of insurance;
- accepting risks;
- underwriting insurance contracts;
- entering into written agency agreements with licensed insurance agents;
- supervising and monitoring the activity of licensed insurance agents with whom it has entered into written agency agreements; and
- undertaking any other prescribed duties or activities;
What Type of Life Insurance Licence Are You Applying For?
LICENCE LEVEL/CATEGORY
Life and/or Accident & Sickness Agent or Insurer Representative
LICENSING REQUIREMENTS
An individual applying for a Life and Accident & Sickness Agent licence must successfully complete:
- The Life Licensing Qualifying Program (LLQP) course and examination
An individual applying for an Accident & Sickness Agent licence must successfully complete:
- The Life Licensing Qualifying Program (LLQP) Accident and Sickness course and examination
LICENCE RESTRICTIONS
1. A licensee who is subject to New Agent Supervision shall not:
- act in the transaction of insurance unless he or she is supervised by a licensee having at least three years experience as a licensed agent.
2. A licensee who is subject to New Agent Supervision shall:
- within ten days of taking an application for insurance have a Supervision Certificate completed and signed by a licensee who is qualified to act in a supervisory capacity; and
- if replaced a life insurance policy, attach a copy of the completed Life Insurance Replacement Declaration document to the Supervision Certificate.
3. A licensee shall not:
- act as a supervisor unless he or she has:
- at least three years experience as a licensed agent;
- is not subject to New Agent Supervision; and
- is knowledgeable about the product being sold by the supervised licensee; or
- act in the transaction of or supervision of segregated funds transactions unless he or she has passed an investment funds course approved by council.
4. A licensee shall:
- prior to replacing an existing life insurance policy, present and review with the consumer a fully completed Life Insurance Replacement Declarations document that has been approved by LICS; and
- provide a copy of the Life Insurance Replacement Declaration document to the consumer and retain a copy in his or her client's file.
An individual applying for a licence, who has not held a life and/or accident and sickness agent licence in any jurisdiction in Canada during the past two consecutive years, will be considered a new applicant.
For a new applicant applying for a life and/or accident and sickness agent licence, only courses completed in the year prior to their application for licence are considered valid.
NEW AGENT SUPERVISION
- An individual licensed BEFORE January 1, 2020 is subject to New Agent Supervision until he or she completes two years as a licensee.
- An individual licensed AFTER January 1, 2020 is subject to New Agent Supervision until he or she:
- completes a minimum of 50 placed and inforce policies;
- completes a minimum of one year as a licensee; and
- provides evidence of completion to LICS.
Click HERE to apply.
LICENCE LEVEL/CATEGORY
Third Party Administrator (TPA) Designated Representative
LICENCE RESTRICTIONS
A Third Party Administrator Designated Representative shall not:
- act as an agent for any type of insurance product.
LICENSING REQUIREMENTS
1. An agency must:
-
- provide evidence that the agency is registered with the Corporate Registry of the Information Services Corporation; and
- maintain that the registrations for as long as they hold an active licence.
2. Unless exempt from the requirement to register with the Corporate Registry of the Information Services Corporation, a Restricted Insurance Agent must:
-
- provide evidence that the Restricted Insurance Agent is registered with the Corporate Registry of the Information Services Corporation; and
- maintain that registration for as long as they hold an active licence.
3. An agency of Restricted Insurance Agent must appoint an individual to be the designated representative.
4. Failure to appoint and maintain a designated representative shall result in the suspension of the licence of the business.
A designated representative must be:
- for life and/or accident and sickness agencies, an individual who holds an active life and/or accident and sickness licence; and
- for Restricted Insurance Agents, an individual who is responsible for receiving notices and other documents, pursuant to the Act, on behalf of the Restricted Insurance Agent.
Click HERE to apply.
If the insurance products being offered exceed what is defined below, the applicant would require a licence other than RIA.
Classes of Insurance
| Creditor’s Disability Insurance | means a group insurance policy, or a creditor’s group insurance policy, that will pay all or part of the amount of a debt of a debtor to the creditor insured under the policy, in the event of bodily injury to, or an illness or disability of: (a) if the debtor is an individual, the debtor or the spouse of the debtor; (b) an individual who is a guarantor of all or part of the debt; (c) if the debtor is a corporation, any director or officer of the corporation; or (d) if the debtor is an entity other than an individual or a corporation, an individual who is essential to the ability of the debtor to meet the debtor’s financial obligations. |
| Creditor’s Life Insurance | means a group insurance policy, or a creditor’s group insurance policy, that will pay to a creditor insured under the policy all or part of the amount of a debt of a debtor or, if the debt is with respect to a small business or a farm, fishery or ranch, all or part of the amount of the credit limit of a line of credit, in the event of the death of: (a) if the debtor is an individual, the debtor or the spouse of the debtor; (b) an individual who is a guarantor of all or part of the debt; (c) if the debtor is a corporation, any director or officer of the corporation; or (d) if the debtor is an entity other than an individual or a corporation, an individual who is essential to the ability of the debtor to meet the debtor’s financial obligations. |
| Creditor’s Loss of Employment Insurance |
means a policy that will pay, without any individual assessment of risk, all or part of the amount of a debt of a debtor to the creditor insured under the policy in the event that: (a) if the debtor is an individual, the debtor becomes involuntarily unemployed; or (b) an individual who is a guarantor of all or part of the debt becomes involuntarily unemployed |
| Funeral Expense Insurance | means insurance that is within the class of life insurance and under which the insurer undertakes to pay a maximum of $25,000 for funeral services or cremation services, as those terms are defined in The Funeral and Cremation Services Act. |
| Personal Life Insurance | means a group insurance policy that provides insurance to an individual: (a) where the insurer undertakes to pay one or more sums of money in the event of bodily injury to or the death of that individual caused by an accident; or (b) where the insurer undertakes to pay a certain sum for each day that the individual is hospitalized in the event of: (i) bodily injury to that individual caused by an accident; or (ii) an illness or disability of that individual. |
RIA Entity Types
| Automobile Dealership | must be licensed with Saskatchewan Financial and Consumer Affairs Authority of Saskatchewan as an automobile dealership |
| Construction Equipment Dealership | Regulated through the Saskatchewan Agricultural Implements Act. |
| Crematorium | means a crematorium as defined in The Funeral and Cremation Services Act that is licensed pursuant to that Act. Regulated by the Funeral & Cremation Council of Saskatchewan. |
| Customs Brokerage | |
| Deposit‐Taking Institution | means: (a) a bank or authorized foreign bank within the meaning of section 2 of the Bank Act (Canada); (b) a loan corporation or trust corporation incorporated by or pursuant to an Act, an Act of the Parliament of Canada or an Act of the Legislature of another province or a territory of Canada; (c) a credit union incorporated by or pursuant to an Act, an Act of the Parliament of Canada or an Act of the Legislature of another province or a territory of Canada; or (d) any other prescribed entity. |
| Farm Implement Dealership |
must be licensed in Saskatchewan under The Agricultural Equipment Dealerships Act. |
| Financing Corporation |
means a financing corporation, as defined in The Trust and Loan Corporations Act, 1997, that holds a valid licence issued pursuant to that Act but does not include a person carrying on the business of advancing money if the money being advanced: (a) is in an amount of $1,500 or less; (b) is for a term of 62 days or less; and (c) is in exchange for a post‑dated cheque, a pre‑authorized debit or a future payment of a similar nature, but not for any guarantee, suretyship, overdraft protection or security on property and not through a margin loan, pawnbroking, a line of credit or a credit card. Regulated by FCAA. |
| Funeral Home | means a funeral home as defined in The Funeral and Cremation Services Act that is licensed pursuant to that Act. Regulated by the Funeral & Cremation Council of Saskatchewan. |
| Marine Dealership | |
| Mortgage Broker | as defined in The Mortgage Brokerages and Mortgage Administrators Act. Regulated by FCAA. |
| Recreational Vehicle Dealership |
LICENSING REQUIREMENTS
1. An MGA must:
- provide evidence that the MGA is registered with the Corporate Registry of the Information Services Corporation; and
- maintain that registration for as long as they hold and active licence.
2. An MGA must appoint an individual to be the designated representative.
3. Failure to appoint and maintain a designated representative shall result in the suspension of the MGA's licence.
4. An MGA must have in place a Compliance Program approved by LICS.
Click HERE to apply.
LICENCE LEVEL/CATEGORY
Third Party Administrator (TPA)
LICENSING REQUIREMENTS
1. A TPA must:
-
- provide evidence that the TPA is registered with the Corporate Registry of the Information Services Corporation; and
- maintain that registration for as long as they hold an active licence.
2. A TPA must appoint an individual to act as the designated representative.
3. Failure to appoint and maintain a designated representative shall result in the suspension of the TPA licence.
4. A TPA must have a written agreement with an insurer acceptable to LICS, setting out the specific responsibilities of the TPA.
5. A TPA must establish reasonable procedures to ensure the TPA's employees are properly trained and knowledgeable about the insurance being administered on behalf of the insurer and ensure the procedures established are being used.
A designated representative must be licensed.
Click HERE to apply.
Application for Licence
Persons applying for a licence in one of the life or accident and sickness categories set out in Schedule A, Table 1-1 shall provide to LICS:
(a) proof of having met the licence requirements as set out in sections 7-3, 7-4, 7-5, or 7-6;
(b) proof of having met the financial security requirement (errors and omissions insurance and/or bond), pursuant to sections 5-10 or 5-23 of the regulations;
(c) a completed application form as required by LICS for the category of licence applied for;
(d) payment of the required fee for the category of licence as set out in Schedule A;
(e) if the person is an MGA or TPA, copies of all currently in force or draft agency contracts, pursuant to clauses 5-11 (g) and 5-11 (h) of the Act; and
(f) if the person is a restricted insurance agent, copies of all currently in force or draft agency contracts, pursuant to clause 5-70(2)(b) of the Act.
Life Insurance Licencing Fees
-
- A business or individual licence:
- for life and accident and sickness insurance;
- for accident and sickness insurance;
- An individual licence:
- for an insurer's representative; and
- for a designated representative of a third party administrator;
- A business licence:
- for a managing general agent; and
- for a third party administrator.
- A business or individual licence:
| Number of Employees of Restricted Insurance Agent | Fees |
| 1 to 4 | $150 |
| 5 to 10 | $225 |
| 11 to 15 | $375 |
| 16 to 20 | $500 |
| 21 to 99 | $700 |
| 100 to 249 | $1,500 |
| 250 to 499 | $3,000 |
| 500 or more | $5,500 |
A licensee who fails to comply with the requirements outlined in section 8-1 on or before the annual reporting date shall be assessed, in addition to the annual fee, a late filing fee equal to 50% of the annual fee.
A refund of an annual fee shall not be made once a licence has been issued.
An administration fee of $50 shall be retained when an application for a licence has been denied.
(1) An administration fee of $50 shall be charged for:
(a) a reinstatement of a licence; and
(b) discontinuation of a licence application after processing by ICS has begun.
(2) Subject to subsection 5(3), an administration fee of $25 shall be charged for:
(a) a certificate of licence status;
(b) a non-resident endorsement used to apply for licensing in another jurisdiction;
(c) a duplicate receipt;
(d) a duplicate licence;
(e) cheques returned to ICS;
(f) deletion or addition of licence class to an existing licence;
(g) a change of licence recommendation; and
(h) changes to a licence that may be required to ensure compliance with the requirements of the Act, regulations and or an insurance council's bylaw.
(3) In cases where the administration fee in clauses 5(2) (g) or 5(2) (h) involves all licensees in an agency or adjusting firm, council may, at its sole discretion, set a flat rate for completion of the transactions. The total flat rate fee cannot exceed the per transaction fee amount generated by applying clauses 5(2)(g) or 5(2)(h).
An administration fee of $250 will be charged for electronic copies of the Insurance Register.
LLQP Information
Completion of the Life Licence Qualification Program ("LLQP") and passing the LLQP exam is required if you or your organization want to sell life insurance products in Saskatchewan.
The providers identified below offer their course through a distance learning format. Details about their respective courses can be obtained by contacting the organizations directly.
Life Licencing Qualification Program (LLQP)
NOTICE: Currently due to COVID-19, the office of the Insurance Councils of Saskatchewan is closed to the public. At this time we do not offer in-person writing of the exams in our office.
- Complete an approved HLLQP Course from the LLQP Course Listing. You will receive your CIPR# when you register.
- Only Saskatchewan Residents can complete an Online Exam Application and submit it to the Insurance Councils of Saskatchewan to register to write the LLQP in Saskatchewan. If you are not a resident of Saskatchewan please contact your home jurisdiction for guidance on writing the LLQP in your resident province. Saskatchewan Residents please email completed form to cari.banda@skcouncil.sk.ca or fax to 306.347.0525.
- After submitting the Online Exam Application to Council, applicants will receive an email from Durham College. They can then log onto the Durham College website to schedule their exam(s).
Must have a CIPR (Canadian Insurance Participant Registry) number which is provided by your Course Provider
Confirmation of successful completion of the HLLQP course through an approved course provider within the last 12 months. If you course completion expires, you cannot write any exam model and will need to successfully complete the HLLQP course again.
Valid government issued ID, ie drivers licence, passport or other identification that contains applicants resident address.
Listing of LLQP Providers
209, 390 Queens Quay West
Toronto ON M5V 3A2
Telephone: 1-877-773-6765
Website: www.advocis.ca
Barbara Ridell
Email: briddell@advocis.ca
Bus: 416.342.9819
9090 - 51st Avenue West
Edmonton AB T6E 5X4
Bus:780.482.5990
Website: www.businesscareercollege.com
Jason Watt
Email: jason.watt@businesscareercollege.com
Colin Johnson
1500, 200 Wellington Street West
Toronto ON M5V 3C7
Telephone: 461-364-9130 │1-866-866-2601
Facsimile: 416-359-0486 │1-866-866-2660
Website: www.csi.ca
Marc Flynn
Email: marc.flynn@moodys.com
Bus: 514.840.8176
8536 rue Cluny
St-Leonard QC H1R 2X5
Bus: 514.386.7567
Rite Calabrese
Email: rite.calabrese@sympatico.ca
Carol Garabedian
Email: cgarabedian@videotron.ca
212 - 110 Rue de la Barre
Longueuil, QC J4K 1A3
Telephone: 514-303-7727
Website: www.pqap.ca
Michael Mailloux
Email: michael.mailloux@pqap.ca
Bus: 514.303.7727 x00
Cell: 514.893.4575
840, rue St-Jean
Longueuil QC G1R 1R3
Bus: 416.529.3355 x306
Rejean Prevost
Email: reprevost@osullivan-quebec.qc.ca
Genevieve Gingras
300, 7300 Warden Avenue
Markham ON L3R 0X3
Bus: 9105.754.4392
Sylvio Mercier
Email: sylvio.mercer@ca.combined.ca
Denis Cyr
Email: denis.cyr@ca.combined.com
4595, montée Saint-Bubert
Saint-Hubert QC J3Y 1V3
Bus: 514.238.7391
Carol Beaudoin
Suite 601 - 50 Burnhamthorpe Road West
Mississauga, ON M5B 3C2
Bus: 1-888-865-2437
Website: www.ifse.ca
Christine Ashmore
Email: cashmore@ifse.ca
Bus: 1.888.654.4342 x827
625 rue St-Amable
Quebec QC G1R 2G5
Bus: 418.646.1331
Pascale Gauthier
Email: pascale.gauthier@lacapitale.com
Kathia Velijanovski
300, 1 University Avenue
Toronto ON M5J 2P1
Bus: 416.356.3474
Website: www.learnedly.com
John Waldron
Email: john.waldron@learnedly.com
T377, 255 Dufferin Avenue
London ON N6A 1S4
Rocco Vetere
Email: rocco.vetere@londonlife.com
Bus: 519.435.4368
800, 151 Bloor Street West
Toronto, ON M5S 1S4
Telephone: 416-922-9604 extension 221 │1-800-238-0377
Facsimile: 416-922-5126
Website: www.oliverslearning.com
Robert Gardias
Email: rgardias@oliverslearning.com
Callum James
Email: cjames@oliverslearning.com
6800, Highway 7
Vaughan ON L4L 1A5
Aman Ahua
Email:aman@presidentsacademy.ca
Bus: 613.402.3143
400-6985 Financial Drive
Mississauga, Ontario L5N 0G3
Salvatore Chine
Email: salvatore.chine@primerica.com
Bus: 905.813.5346
2175 Sheppard Avenue East, Suite 307
Toronto, ON M2J 1W8
Telephone: 1-877-447-3642
Facsimile: 905-248-3149
Website: www.hllqp.remic.ca
Holly De Roia
Email: holly.deroia@remic.ca
Bus: 877.447.3642
2, 72 Main Street East
Huntsville, ON P1H 2C7
Telephone: 888-973-3949
Website: www.SeeWhyLearning.com
Cory Snyder
Email: cory.snider@seewhylearning.com
Bus: 647.204.3800
1750 Finch Avenue East
Toronto, ON M2J 2X5
Telephone: 416.491.5050
Website: https://www.senecacollege.ca/home.html
Same Albanese
Email: sam.albanese@senecacollege.ca
Lori Pinder
Email: lori.pinder@senecacollege.ca
227 King Street South
Waterloo ON N2J 4C5
Rob Popazzi
Email: rob.popazzi@sunlife.com
Bus: 519.888.3518
Maria Carnahan
Email: maria.carnahan@sunlife.com