Insurance Act Insurance Agents Regulations - Prince Edward Island

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ctINSURANCE ACT INSURANCE AGENTSREGULATIONS

PLEASE NOTEThis document, prepared by the Legislative Counsel Office, is an office consolidation of thisregulation, current to August 1, 2005. It is intended for information and reference purposes only.This document is not the official version of these regulations. The regulations and the amendmentsprinted in the Royal Gazette should be consulted on the Prince Edward Island Government web site todetermine the authoritative text of these regulations.For more information concerning the history of these regulations, please see the Table of Regulationson the Prince Edward Island Government web site (www.princeedwardisland.ca).If you find any errors or omissions in this consolidation, please contact:Legislative Counsel OfficeTel: (902) 368-4292Email: legislation@gov.pe.ca

Insurance Act Insurance Agents RegulationsSection 1cINSURANCE ACTChapter I-4INSURANCE AGENTS REGULATIONSPursuant to section 84 of the Insurance Act R.S.P.E.I. 1988, Cap. I-4, Council made thefollowing regulations:1.DefinitionsIn these regulations(a)“Fundamentals of Insurance Examination” means the qualifying Fundamentals ofInsurance Examination for general insurance agents offered by the Superintendent;(b)“general insurance agent” includes a fire insurance agent or an automobileinsurance agent, but does not include a life insurance agent, an accident and sicknessinsurance agent or a life, accident and sickness insurance agent;(c)“LLQP” means the Life License Qualification Program conducted by an accreditedcourse provider. (EC248/05)2.(1)Accident and sickness insurance agentsThe Superintendent may issue a certificate of authority covering accident and sicknessinsurance to an individual who(a)has successfully completed the accident and sickness modules of the LLQP and haspassed the LLQP qualifying examination designated by the Superintendent for thepurposes of this clause or has equivalent qualifications and experience acceptable tothe Superintendent; or(b)holds an equivalent certificate of authority in another province and has qualificationssubstantially equivalent to those set out in clause (a).(2)Life, accident and sickness insurance agentsThe Superintendent may issue a certificate of authority covering life, accident and sicknessinsurance to an individual who(a)has successfully completed the LLQP and has passed the LLQP qualifyingexamination designated by the Superintendent for the purposes of this clause or hasequivalent qualifications and experience acceptable to the Superintendent; or(b)holds an equivalent certificate of authority in another province and has qualificationssubstantially equivalent to those set out in clause (a).ctUpdated August 1, 2005Page 3

Section 3(3)(4)Insurance Act Insurance Agents RegulationsRestricted life, accident and sickness insurance agentsNotwithstanding subsection (2), the Superintendent may, until July 1, 2006, issue atransitional restricted certificate of authority covering life, accident and sickness insurance toan individual who(a)has successfully completed the transitional modules of the LLQP;(b)has passed the LLQP qualifying examination designated by the Superintendent forthe purposes of this clause; and(c)undertakes to comply with the conditions set out in subsection (4).IdemA transitional restricted certificate of authority issued under subsection (3) is revoked if theagent fails to(a)enroll, within 180 days from the date of issuance of the certificate of authority, tocomplete the remaining modules of the LLQP;(b)work under the supervision of an agent who holds an unrestricted life, accident andsickness certificate of authority and who has held an unrestricted life, accident andsickness certificate of authority or its equivalent in another province for two years;(c)prepare a needs analysis with every application and arrange to have every needsanalysis and application co-signed by the supervising agent prior to submitting anapplication to an insurer;(d)successfully complete the remaining modules of the LLQP and pass the LLQPqualifying examination designated by the Superintendent for the purposes of thisclause within two years from the date of issuance of the transitional rest rictedcertificate of authority or January 1, 2007, whichever is earlier; and(e)continue to be sponsored by an insurance company which undertakes to ensure theagent’s records are kept appropriately and that the agent continues to comply with theabove conditions. (EC248/05)3.General insurance agentsThe Superintendent may issue a certificate of authority authorizing an individual to act as ageneral insurance agent to an individual who(a)has passed the Fundamentals of Insurance Examination or has equivalentqualifications and experience acceptable to the Superintendent; or(b)holds an equivalent certificate of authority in any jurisdiction of Canada and hasqualifications substantially equivalent to those set out in clause (a). (EC248/05)4.ExaminationsAny individual who fails to attain the pass mark for an insurance agent’s qualifyingexamination after three successive attempts may not write the examination again unless aperiod of not less than six months has elapsed since the date on which the individual lastwrote the examination. (EC248/05)5.Application periodWhere an individual is applying for a certificate of authority for the first time or where anindividual who held a certificate of authority which is no longer in force is applying for a newcertificate of authority, the Superintendent may issue a certificate of authority to theindividual only if the individual applies within two years afterPage 4Updated August 1, 2005t c

Insurance Act Insurance Agents Regulations(a)(b)Section 6passing the qualifying examination referred to in clause 2(1)(a), 2(2)(a) or 3(a),whichever is applicable; orthe individual’s last held certificate of authority expires or is revoked or suspended.(EC248/05)6.Current and former agentsNotwithstanding anything to the contrary in these regulations, the Superintendent may issue acertificate of authority, covering such classes of insurance as the Superintendent considersappropriate, to(a)an individual who holds a certificate of authority on the date these regulations comeinto force if, before or within two years after the date that certificate of authorityexpires or is revoked or suspended, the individual applies for the new certificate ofauthority;(b)an individual who held a certificate of authority that expired or was revoked orsuspended before the date these regulations come into force if, within two years afterthe date that certificate of authority expired or was revoked or suspended, theindividual applies for the new certificate of authority; or(c)an individual who has previously been issued a certificate of authority under thissection if, before or within two years after the date on which the last held certificateof authority expired or was revoked or suspended, the individual applies for the newcertificate of authority. (EC248/05)ctUpdated August 1, 2005Page 5

Section 3 Insurance Act Insurance Agents Regulations Page 4 Updated August 1, 2005 t c Restricted life, accident and sickness insurance agents (3) Notwithstanding subsection (2), the Superintendent may, until July 1, 2006, issue a transitional restricted certificate of authority covering life, accident and sickness insurance to

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