Life insurance agent licensing
2 (1) An individual shall not be issued a life insurance license that restricts the licensee to act only as an accident and sickness insurance agent unless the individual

(a) has passed any qualification examinations prescribed by the Superintendent; and

(b) has successfully completed the accident and sickness modules of an LLQP or has equivalent qualifications or experience acceptable to the Superintendent.

(2) An individual shall not be issued a life insurance license authorizing the licensee to act as an agent for life and accident and sickness insurance unless the individual

(a) has passed any qualification examinations prescribed by the Superintendent; and

(b) has successfully completed an LLQP or has equivalent qualifications or experience acceptable to the Superintendent.

(3) Despite subsection (2), an individual may be issued a transitional life insurance license authorizing the licensee to act as an agent for life and accident and sickness insurance if the individual

(a) has passed any qualification examinations prescribed by the Superintendent;

(b) has successfully completed the transitional modules of an LLQP; and

(c) undertakes to comply with the conditions set out in subsection (4).

(4) A transitional license issued under subsection (3) shall be revoked if the licensee fails to

(a) enroll, within 180 days from the date of being licensed, to complete the remaining modules of the LLQP;     [ top ]

(b) work under the supervision of a life insurance agent who has been licensed for 3 years or who has equivalent qualifications or experience acceptable to the Superintendent;

(c) maintain a record of all life insurance sales supported by a needs analysis which is co- signed by the supervising agent;

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