Legislative supervisory requirements for new life insurance agents and trainees

Provincial requirement

The new life insurance agent must be supervised for 24 months by an individual who has held an active licence for a minimum of five of the last seven years.

Supervisory requirements

A new life insurance agent must only conduct insurance activities under the supervision of a life insurance agent supervisor. The supervisor is an individual who has held an active licence for a minimum of five of the last seven years and must review all of the applications and ensure that the needs analysis is completed and documented.

Provincial requirement

The new life insurance agent must be supervised for 12 months by an individual who has held an active licence for a minimum of three years. The supervisor accepts responsibility for the documents as if he or she had completed them as the life insurance agent.

Supervisory requirements

A supervisor must review all of the applications and ensure that the needs analysis is completed and documented. The supervisor must be an individual who has held an active licence for a minimum of three years, and must countersign each application, declaration form and written comparative analysis. To assist the supervisor with their supervisory duties, they may complete the template provided by the Insurance Council of Manitoba.

Provincial requirement

The trainee must complete at least 28 hours of work per week, over a 12- week probationary period. The trainee must be supervised by an individual who has held an active licence for a minimum of two years of the last three years.

Supervisory requirements

During the 12-week probationary period, the supervisor is responsible for all of the trainee's professional activities. The supervisor must be an individual who has held an active licence for a minimum of two years of the last three years and must approve the products and services offered by the trainee before any recommendation is made to the client. The supervisor will enter this approval in the client file, and countersign any proposal or form, in particular, notices for purposes of replacement.

A supervisor must not have more than 5 trainees under his responsibility at any time. The AMF may, particularly during inspections, ask to see evidence of meetings with the trainee or of the entry in the client's file of the trainee's work review by the supervisor, if it deems necessary. If one of the obligations is not met, the AMF may suspend the right to act as a supervisor for a period of 1 year.

Newly licensed Life Insurance Advisor

All newly Life & Accident & Sickness agents are subject to New Agent Supervision until:

• Completion of a minimum of 50 placed and in-force policies;
• Completes a minimum of 12 months as a licensee; and
• Provides evidence of completion to the Insurance Council of Saskatchewan (LICS).

Note: An individual applying for a licence, who has not held a life and/or accident and sickness agent licence in any jurisdiction in Canada during the past two consecutive years, will be considered a new applicant.

Supervisor

Qualifications

• Must be an individual with a minimum of three years of experience as a licensed life insurance agent and hold an active life license in Saskatchewan.
• Must not act in the transaction of or supervision of segregated funds transactions unless he or she has passed an investment funds course approved by council.

Obligations

• Verify that the product and amount sold are appropriate to the client's situation and needs;
• Identify learning opportunities.

Supervisory Requirements:

A licensee who is subject to New Agent Supervision, within ten days of taking an insurance application, must:

• Have a Supervision Certificate completed and signed by a qualified Supervisor; and
• lf replacing a life insurance policy, attach a copy of the completed Life Insurance Replacement Declaration document to the Supervision Certificate.
• Both licensees must maintain a copy of the signed Supervisor Certificate for their records.

Supervisors can reference the Insurance Council of Saskatchewan Life Insurance Council Bylaws for a full understanding of the supervision requirements.