BridgeForce Compliance News (March 2022)
In this issue:
- FSRA licensing requirements change
- BC Provides guidance on rebating, including need to check with the carrier
FSRA licensing requirements change
Effective February 25, Ontario life agents must:
- providing a 30-day timeframe for reporting changes to the insurers with whom an agent has a contract
- clarifying the requirements for individual life agents acting on behalf of a corporate and partnership agent
- indicating that education related to increasing sales and leads generation does not meet the continuing education requirement
Further, agents must provide details of their continuing education courses on their renewal applications in Licensing Link.
Proof of CE includes Provider, name of course, date, and number of hours.
BC Provides guidance on rebating, including need to check with the carrier
The Insurance Council of BC is introducing a guideline for licensees engaging in the practice of rebating. The Rebating Guidelines outline when rebating is permitted and when it is not allowed.
Note that section 3.2 outlines the requirement to abide by the insurer’s policy on rebating.
More information