Enhancing the professionalism of financial advisors in the best interests of the consumer

CE Requirement Summary: Licenses

  Province   CE
Period
  Deadline   Requirement   Unique
Code
Required
Financial Services Commission of Ontario
(FSCO)
24-month period
(in accordance with licence renewal date)
Commenced upon licensing 30 CE every two-year term. Hours of CE taken beyond the minimum requirement within any period of time may not be used to meet the CE requirement for subsequent periods.

  • Education must relate to technical aspect of life insurance. Technical for this purpose include legal, legislative and regulatory matters, fundamentals/principles of life insurance, financial planning, taxation, client needs analysis, proper use of life insurance products, rating/underwriting/claims, accounting and actuarial considerations, risk management principles, and provisions and differences in policy contracts.
  • The Insurance Act defines life insurance to include accidental death, insurance, disability insurance and annuities.
No
Insurance Council of British Columbia Annual May 31
  • Life or A&S agent, have Approved Designation (CFP, CLU, RHU, FCIA, FLMI and CEBS)—5 Technical hours of continuing education
  • Licensed for 5 to 7 years, no approved designation 10 Technical hours
  • Licensed less than five to seven years, no approved designation — 15 technical hours
  • Excess credits cannot be carried over into the next licence period.
Life Technical relates to:
  • life insurance products;
  • financial planning, provided the education is geared to life insurance and not a non-insurance sector such as securities or mutual funds;
  • compliance with insurance legislation and requirements such as Council's Code of Conduct, Council Rules, the Insurance Act, privacy legislation and anti-terrorism/money laundering legislation;
  • ethics; or
  • E&O
A&E Technical relates to:
  • A&S insurance products;
  • compliance with insurance legislation and requirements such Council's Code of Conduct, Council Rules, the Insurance Act and privacy legislation;
  • ethics; or
  • E&O
No
Alberta Insurance Council
(AIC)
Annual Feb 15, 2013 - June 30, 2014

*July 1st - June 30th thereafter.
15 hours of CE per certificate class. 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.

CE must be related to:
  • knowledge relevant to giving advice about any insurance product or services, or
  • adjustment of claims, or
  • knowledge, relevant to the operation of an insurance business
Types of certificate:
  • Life Insurance Certificate: a certificate of authority to act as a life insurance agent;
  • Accident and Sickness Certificate: a certificate of authority to act as accident and sickness insurance agent;
  • General Insurance Certificate means a certificate to act as a general insurance agent. General insurance includes any class or property and casualty insurance, other than accident and sickness insurance.
*Note: The Certified Expiry, Penalties and Regulation had been amended to provide for a single renewal date that applies to all classes of certificate. All sectors will transition to the new term by June 30, 2014.
Yes
Insurance Council of Manitoba
(ICM)
Annual May 31 15 hours CE (maximum of 5 CE credits of the required 15 may be related to segregated funds. Maximum of 5 may include investment related education if it is directly applicable and relevant to segregated funds.) Life and/or Accident & Sickness—no carry forwards. General Insurance Licenses—maximum of four hours carry forwards.

  • Must be related to life and accident and sickness insurance products or services, or the operation of an insurance business
  • Allowable content would include ethics, errors and omissions coverage, and compliance with insurance-related legislation and regulatory requirements
Yes
Insurance Council of Saskatchewan
(ICS)
Annual As of 2015
*Option annually or for 24 months for 2013 and 2014
Commenced upon licensing Effective Jan 1, 2013 individuals that become licensed for the first time require minimum of 15 CE per Life Insurance Council Bylaws of continuing education in each annual reporting period. Excess credit hours earned in the reporting period are not eligible for carry over in to the next reporting period.

For your annual reporting in 2014 and subsequent years, you will be required to earn a minimum of 15 credit hours of continuing education in each annual reporting period.

*If your current CE reporting period ends in 2014

You can comply with your CE requirement in one of two ways:

1. By disclosing a minimum of 30 credit hours of continuing education for the two year period ending with your 2014 annual reporting date (existing rules).
    OR
2. By disclosing a minimum of 15 credit hours of continuing education for the one year period ending with your 2014 annual reporting date (new rules).

For your annual reporting in 2015 and subsequent years, you will be required to earn a minimum of 15 credit hours of continuing education in each annual reporting period.

Only courses that provide technical education are considered to qualify as continuing education, including courses that directly relate to:

  • Life or accident and sickness insurance products;
  • Financial planning, provided that:
  • a minimum of 10 of the 15 hours required per year is related to life or accident and sickness insurance (licensees may obtain all hours from this item), and
  • a maximum of 5 of the 15 hours required per year can be related to non-insurance sectors, such as securities and mutual funds (licensees are not required to obtain hours from this item);
  • Compliance with insurance legislation and requirements such as Council's Code of Conduct (Code of Conduct under development), The Saskatchewan Insurance Act and bylaws made pursuant to that Act, privacy legislation and anti-money laundering and anti-terrorist financing legislation
  • Ethics;
  • Errors and omissions insurance; and
  • Courses leading to an approved designation such as Chartered Life Underwriter (CLU), Chartered Financial Planner (CFP), Registered Financial Planner (RFP), Certified Health Insurance Specialist (CHS) and such other designations as are approved by Council.
Mandatory Ethics Training Course

Effective January 1, 2013 all resident licensees must within the cycles set out below complete a Life Council approved ethics course that is at least three hours in duration.

  • Resident licensees who are licensed on or after January 1, 2013 must within three years of becoming licensed complete an approved ethics course.
  • Resident licensees who hold a licence issued prior to January 1, 2013 must complete an approved ethics course by their annual reporting date in 2016.
  • Resident licensees that have completed the course under (a) or (b) above must complete an ethics course within subsequent 5 year cycles.
  • Credit hours earned for an ethics course can be applied towards a licensee's continuing education requirements.
No
Chambre de la sécurité financière
(Quebec)
24-month period Current:
Dec 1, 2013
to
Nov 30, 2015 Next:
Dec 1, 2015
to
Nov 30, 2017
30 PDUs, apportioned as follows:

  • 10 PDUs in General Subjects;
  • 10 PDUs in Compliance with standards, ethics & professional practice; and
  • 10 PDUs in topics specific to discipline or registration category in which they are authorized to carry on business.
PDUs in excess of the 10 PDUs required in specific topics or in compliance with standards, ethics and professional practice are credited as general subject PDUs. The regulation stipulates that PDUs must be accumulated in the following subjects:

>  In general subjects
>  In Insurance of persons
>  In group insurance of persons
>  In group savings plan brokerage
>  In scholarship plan brokerage
>  In compliance with standard, ethics & professional practices

Regulation applies to all representatives who hold an authorized practice in any of the following sector or registration categories:

  • Insurance of persons (including the category of accident and sickness insurance) 10 PDUs;
  • Group insurance of persons (including the categories of group insurance plans and group annuity plans) 10 PDUs;
  • Group savings plan brokerage 10 PDUs specific to group savings plans broker + 5 PDUs specific to scholarship plan brokerage;
  • Scholarship plan brokerage 10 PDUs including minimum 5 PDUs to specific plan brokerage.
Every 2 reference periods (every 4 years), 3 of the PDUs representatives must accumulate in compliance with standards, ethics and business conduct must be obtained during a training activity developed by the Chambre and provided by it or in partnership with it.
Yes
Securities Investment Industry Regulatory Organization of Canada
(IIROC)
Three-year cycles Cycle 5:
2011 - 2014
  • Mandatory Continuing Education (CE) program for Member firm registrants who deal with the public. The CE program operates on three-year cycles. All registrants are on the same schedule: the first cycle began on January 1, 2000 and ended on December 31, 2002, the next three-year cycle began on January 1, 2003 and ends December 31, 2005, and so on.
  • Individuals registered to do retail business and give advice must complete a Compliance course and a Professional Development course during each cycle. Those who are not registered to do retail business (who deal with institutions only) and those not registered to give advice (such as investment representatives) must complete a Compliance course.
  • If you have been continuously licensed for more than 15 years as of January 1, 2000, then you will complete only the compliance portion of the program during each cycle. Those who have been continuously licensed for more than 10, but less than 15 years, as of January 1, 2000, will complete the full program of two courses for one three-year cycle. After completing this cycle, you will be required to complete only the compliance portion of the program thereafter. For those who are registered in more than one trading category, you are responsible for the CE requirements of the more demanding category.
  • The Compliance course will require a minimum of 12 hours, and the Product Knowledge/Professional Development course will require a minimum of 30 hours of study. The timeframe in which to complete these courses is three years.
  • Carry forward not applicable.
Yes for
Non- dealers