Harmonized LLQP Will Launch Next Yearpar Andrew Rickard | August 05 2015 08:55AM
In an update sent to insurance agents last month, Canadian Insurance Services Regulatory Organizations (CISRO) chairman Ron Fullan indicated that a harmonized Life Licence Qualification Program (LLQP) will be ready for implementation on Jan. 1, 2016.
CISRO members have been working since 2012 to develop consistent qualification and practice standards for insurance agents. Having already settled on the appropriate curriculum, structure, and accreditation standards for course providers, Fullan says that educational and subject matter experts are now busy creating a bank of examination questions and will be finished by the end of this year. The guidelines that govern how the LLQP exam is administered are also nearing completion, as is the Canadian Insurance Participant Registry (CIPR) database that will allow course providers to communicate that candidates have passed the LLQP course.
Fullan notes that the harmonized LLQP will remain an entry level program, and that both the course and examination will have proficiency standards that are comparable in both their length and level of difficulty to the current LLQP. He also says that the fee for the course will remain "affordable," although no specific dollar amount was mentioned.
As for how the new system will be managed, Fullan points out that all of the regulators on the program's board of directors will have an equal vote with regard to the LLQP. "Regulators will monitor the performance of the harmonized LLQP with assistance from educational experts," he explains. "The LLQP Governance Committee will be responsible for dealing with issues raised by stakeholders."