LLQP Ethics & Professional Practice · Component 2.1 · 40% of the exam
A client asks who to contact if they suspect their agent is unlicensed. The answer is:
- AAssuris, which maintains the list of agents whose clients are protected if their insurer fails
- BOLHI, which investigates unlicensed activity as part of its complaint service for consumers
- The provincial regulator or council, which keeps the public register and investigates unlicensed activity
- DOSFI, which prosecutes unlicensed selling of federally regulated insurers' products as a federal offence under the Insurance Companies Act
Correct answer: C) The provincial regulator or council, which keeps the public register and investigates unlicensed activity
Unlicensed activity is a regulatory offence pursued by provincial authorities.
Why the other options are wrong
- AAssuris does not investigate unlicensed agents.
- BOLHI does not investigate unlicensed agents.
- DOSFI does not investigate unlicensed agents.
Exam tip
Unlicensed agent → provincial regulator.
Common mistake
Confusing OLHI with the licensing body.
What this tests
CISRO competency component 2.1 — Integrate into practice the rules governing the activities of life insurance agents — which is weighted at 40% of the Ethics & Professional Practice module. Written against the published curriculum.
More from component 2
- A prospective client wants to confirm that an agent is properly licensed before meeting him. She should:
- A dual-licensed agent's mutual fund business is reviewed following a client complaint. The review will be conducted by:
- Assuris coverage applies to:
- OLHI's services are available to:
- Complaints about an agent's conduct (as opposed to an insurer's claim decision) should be directed to:
- The best summary of an agent's ethical obligations is to:
Practice the whole Ethics & Professional Practice module
Timed sets weighted like the exam, and review of every question you miss. Free to start.