For Life Insurance

There are other requirements you must meet before being approved for a life insurance license including establishing your personal suitability (which can include a criminal record check and credit check), not be engaged in another occupation that is deemed to be a conflict and being sponsored by an insurance company. Some provinces require a training or supervision period for new agents. In Ontario, your license must be sponsored for the first 2 years by an insurer, after which you become responsible for maintaining your license. The BC Insurance Council requires new entrants to complete the Council Rules Course within the first year. Again, these rules can vary by province so always check with your regulatory body.

In life insurance, insurance companies are ultimately responsible for any agents they contract with. If you are not considered to be an employee or career agent of an insurer, most independent agents have contracts with a managing general agency (MGA) – not directly with the insurer. In this case, the insurer contracts with one or more MGAs, who often provide market conduct oversight, training, and administrative support to agents on the insurer’s behalf.