LLQP Ethics & Professional Practice · Component 1.1 · 60% of the exam
The Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) are:
- Coordinating bodies of provincial regulators that harmonize standards such as the LLQP
- BInsurers' trade associations that lobby governments on behalf of the life and health insurance industry across Canada
- CConsumer complaint offices to which clients may escalate a dispute after the insurer's internal process
- DFederal agencies created under the Insurance Companies Act to oversee agent conduct across Canada
Correct answer: A) Coordinating bodies of provincial regulators that harmonize standards such as the LLQP
CISRO develops the LLQP curriculum and exam; CCIR issues guidance such as the fair treatment of customers principles. Neither is a legislature.
Why the other options are wrong
- BTrade associations are CLHIA and similar bodies.
- CComplaints go to insurers, OLHI and regulators.
- DThey are associations of provincial bodies, not federal agencies.
Exam tip
CISRO = LLQP and licensing harmonization; CCIR = regulators' coordination and FTC guidance.
Common mistake
Confusing CISRO with the CLHIA.
What this tests
CISRO competency component 1.1 — Integrate into practice the legal aspects of insurance and annuity contracts — which is weighted at 60% of the Ethics & Professional Practice module. Written against the published curriculum.
More from component 1
- An 'assignee' of a life insurance policy is:
- A corporation as policyowner and beneficiary of a policy on a key employee:
- A 'trustee' named to receive proceeds on behalf of a beneficiary:
- The 'automatic premium loan' (APL) provision:
- A life insurance contract 'matures' when:
- The 'assignment' provision typically states that:
Practice the whole Ethics & Professional Practice module
Timed sets weighted like the exam, and review of every question you miss. Free to start.