Bulletins
This page contains information relevant to all sectors of the industry. For news or bulletins applicable to individuals sectors follow the links to the left.
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View the new reporting and viewing of CE
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NOTICE REGARDING NEW LIFE INSURANCE DECLARATION FORM (October 19, 2010)
This is to advise that as of October 13, 2010 the form prescribed for use in replacements of life insurance contracts changed. The new Declaration Form prescribed by the Superintendent of Insurance and required under the Replacement of Life Insurance Contracts Regulation (the "Regulation") can be found at the following links:
New Replacement Regulation (With recent amendments)
As this new declaration form is required by the Regulation, agents should take the opportunity to review both to ensure that they are in compliance in the event that they recommend any replacement of a life insurance contract. In the event that you have any questions, please feel free to contact the Alberta Insurance Council.
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NOTICE REGARDING CONTINUING EDUCATION (March 27, 2009)
Recent changes to the Insurance Agents and Adjusters Regulation effect the Continuing Education Requirements for insurance agents, brokers and adjusters.
Prior to this amendment to the regulation agents, brokers and adjusters were required to maintain their certificates for their continuing education for an indefinite period of time. That is to say that audits would include all course taken since the inception of the requirement in 2002.
On February 5, 2009 the Insurance Agents and Adjusters Regulations was amended to specify a period for retention of these records.
The new requirement of the Insurance Agents and Adjusters Regulation reads as follows:
Records
31(1) An individual who holds a certificate of authority must keep a record issued by a continuing education provider respecting the continuing education courses completed by the individual during that certificate term.
(2) The records must be kept for a period of 3 years following the expiry of the certificate term and must be provided to the Minister upon request.
(3) If the individual does not provide the records within 30 days after receiving a request from the Minister, the certificate of authority is suspended until the demand is complied with.
(4) In this section, "certificate term" has the same meaning as in section 30(13).
What this means to agents, brokers and adjusters is that they will be required to maintain their continuing education certificates for 3 years after the expiry of the term in which they were earned. The AIC will continue to conduct audits for compliance with this requirement on a random basis, however, these compliance audits will only extend back 3 years. Agents, brokers or adjusters will still be able to enter continuing education credits which extend backwards beyond 3 years so they may continue to take advantage of the carry forward from one year to the next.
Agents, brokers or adjusters who are depending on carry forward to satisfy any of the years being checked will need to be able to prove that they are entitled to the carry forward by supplying certificates that extend back to the fourth year from the year of the compliance audit.
The periods covered by the "certificate term" are as follows:
Adjusters: June 1 of one year to May 31 of the following year.
General Agents: November 1 of one year to October 31 of the following year.
Life and Accident and Sickness Agents: February 16 of one year to February 15 of the following year.
Examples of this change can be viewed by following this link. CE Example