ACCREDITED CONTINUING EDUCATION & ONLINE INSURANCE COURSES FOR FUNDAMENTALS OF INSURANCE, CAIB*, RIBO**, ALBERTA GIL & OTHERS

December 6, 2017

Last Updated on September 12, 2023 by Pichada Wangsangthong

I’ve recently been receiving lots of questions about the “new” licensing restrictions imposed by the Insurance Council on Level 1 agents.

Before, a Level 1 General Insurance Salesperson were not able to sign contracts of insurance on behalf of an insurer (ie. they cannot bind) nor could they conduct insurance business without the direct supervision of a Level 2 or higher insurance agent.  If you’ve had a Level 1 License for a while, you might be grandfathered.

With the new rules imposed at the start of 2017, there are some added restrictions.  In addition to the restrictions explained above, Level 1 Licensees cannot “carry on insurance business [outside of the premises of the agency].”  If you wish to do business outside of your brokerage premises, there are certain criteria you must meet:

  • Be licensed for 6 of the 9 preceding months
  • Met council rules on minimum training and experience in automobile insurance (ie. for road runners or people selling insurance at car dealerships)

If you meet these 2 criteria, you are able (as a Level 1 Agent) to sell automobile insurance at a dealer or car rental business.

There are also new rules surrounding compensation.  Level 1 Agents can still make a commission, but 60% of their remuneration must be in salary (whether that is hourly, daily, monthly, or some other regular rate).

As you can see, there are a lot of restrictions for Level 1 Agents.  If you’re currently a Level 1 Agent and need to get a Level 2, our course bundle can help (and since you’ve read this far, you can use the coupon code [allhub] to save $20 on any of our courses).

Source: https://www.insurancecouncilofbc.com/Downloads/PdfForms/Rules%2001Jan2017.pdf

Jacques Wong is the CEO and Director of Education at PNC Learning. An award-winning licensed insurance broker with over 15 years of experience in both education and the insurance industry, Jacques is recognized for his expertise and effective communication strategies. He achieved the highest provincial scores on his CAIB* 3 and CAIB* 4 exams and contributes to leading insurance publications. Jacques is dedicated to making insurance knowledge accessible for everyone through his unique approach and online content.

Jacques Wong

 Jacques wong

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