LLQP Ethics & Professional Practice · Component 2.1 · 40% of the exam
The role of CISRO in protecting clients is to:
- AInsure policyholders against the insolvency of a member insurer, up to the stated percentage of benefits
- BHandle complaints from consumers about agents and insurers that have not been resolved internally
- Harmonize agent licensing standards across jurisdictions, including the LLQP and conduct principles
- DSupervise the capital adequacy of federally regulated insurers, in coordination with the provinces
Correct answer: C) Harmonize agent licensing standards across jurisdictions, including the LLQP and conduct principles
CISRO's work ensures a nationally consistent qualification standard; it does not adjudicate individual complaints.
Why the other options are wrong
- AInsuring policyholders against insolvency is Assuris's role.
- BComplaints go to insurers, OLHI and provincial regulators.
- DSupervising insurers' capital is OSFI's role.
Exam tip
CISRO = licensing harmonization and LLQP.
Common mistake
Sending a complaint to CISRO.
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.