Continuing Education
RECENT CHANGE REGARDING CONTINUING EDUCATION CREDITS
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. Read more...
When the Insurance Act was proclaimed in Alberta on September 1, 2001, it introduced several new conditions for insurance agents and adjusters in the form of amended or new regulations came into force. There are several regulations made for the purposes of the Insurance Act, however, in this situation we are dealing with the Insurance Agents and Adjusters Regulation A.R. 122/2001.
The requirements for resident and non-resident agents and adjusters varies depending on the home jurisdiction of the non-resident agent or adjuster. Further details are contained at the links below.
Non-Resident Agents and Adjusters
Effective February 16, 2002 for General, Accident and Sickness and Life agents and June 1, 2002 for adjusters all holders of a certificate of authority must obtain 15 hours of continuing education credits as a condition of maintaining their certificate of authority.
The Insurance Agents and Adjusters Regulation was amended in December of 2002 with an effective date of January 1, 2003. Among other changes, the requirement for the first reporting of continuing education credits under section 30 of the regulation has been amended to coincide with the following renewals dates:
Insurance Adjusters - May 31, 2004.
General Insurance Agents - October 31, 2003.
Life and Accident and Sickness Insurance Agents - February 15, 2004.
All certificate holders will be required to have 15 hours of credits per certificate for the first reporting period. The regulation also provides a mechanism to carry forward up to a maximum of 7.5 hours of credits from one certificate term to the next.
Certificate holders will be asked to make a declaration on the renewal form stating that they have the required number of hours. The AIC will conduct random audits to determine that certificate holders are in compliance with these requirements. All certificate holders must retain copies of their CE certificates.
Agents or Adjusters who become licensed for the first time in the first nine months of any certificate term are required to obtain CE credits. The number of hours required is calculated on a prorated basis in accordance with a formula established by the regulation. Agents who become licensed in the final three months of a certificate term are not required to obtain CE credits for that year only. DO NOT send copies of your CE certificates to the AIC unless specifically asked to do so by the AIC.
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Non-Resident Agents and Adjusters
Non resident agents and adjusters are not required to complete Alberta continuing education requirements if the Minister is satisfied that the non residents home jurisdiction has a satisfactory continuing education requirement for each class of Alberta certificate of authority that the non resident holds, and the agent /adjuster has taken the necessary course(s) to meet those requirements. Non resident agents/adjusters must have completed the continuing education requirements of their home jurisdiction to be exempt from the Alberta requirement, completing continuing education requirements in another jurisdiction where the agent/adjuster holds a non resident certificate does not exempt the holder from the Alberta requirements.
The following non resident jurisdictions have been determined to have a satisfactory continuing education requirement: British Columbia, Saskatchewan, Manitoba, Ontario(RIBO, General), Ontario (FSCO, Life and A&S Only), Quebec, New York, Ohio, Nevada, Michigan, Colorado, Kansas, Missouri, Washington State and Illinois. This is to say that an agent who has satisfied the requirements for these classes of certificate(s) only would be accepted. Should you be uncertain if this requirement applies to you, please contact the Council.
General Insurance Agents in Ontario whose licenses are issued by the Financial Services Commission are NOT exempt from the Continuing Education requirements in Alberta.