FSRA & LLQP Licensing Disclosure

FSRA Licensing Information

Our FSRA License

PolicyScanner Brokerage Incorporated is licensed by the Financial Services Regulatory Authority of Ontario (FSRA) to operate as a life insurance brokerage in Ontario, Canada.

What FSRA Licensing Means

• Regulatory Oversight: We are subject to comprehensive regulatory oversight by FSRA
• Consumer Protection: FSRA ensures we meet strict standards for consumer protection
• Professional Standards: We must demonstrate ongoing suitability and competence
• Compliance Monitoring: FSRA conducts regular audits and compliance reviews
• Financial Responsibility: We maintain required errors and omissions insurance

About FSRA

The Financial Services Regulatory Authority of Ontario (FSRA) is an independent regulatory agency that oversees the life and health insurance sector in Ontario. FSRA's role is to:

• Ensure agents and businesses meet qualifications for licensing
• Monitor ongoing compliance with Ontario's insurance laws
• Protect consumers' interests in the insurance marketplace
• Promote high standards of business conduct and transparency

LLQP Certification

All Advisors are LLQP-Certified

Every advisor at PolicyScanner holds current LLQP (Life License Qualification Program) certification. This is the mandatory professional qualification for life insurance sales in Canada.

LLQP Requirements

To earn LLQP certification, our advisors must:

1. Complete approved training course: 100+ hours of comprehensive curriculum covering:
• Life Insurance principles and products
• Accident & Sickness Insurance
• Ethics and Professional Practice
• Segregated Funds and Annuities
2. Pass provincial examinations: 4 separate module exams with 60% minimum pass rate
3. Meet character requirements: Criminal background checks and suitability assessment
4. Maintain continuing education: 30 CE credits every 2 years

LLQP Competencies

Our LLQP-certified advisors are qualified to:

• Assess insurance needs: Analyze client situations and recommend appropriate coverage
• Explain products: Provide clear explanations of life insurance features and benefits
• Navigate applications: Guide clients through the application and underwriting process
• Maintain ethics: Uphold professional standards and ethical conduct
• Ongoing service: Provide post-sale support and policy administration assistance

Regulatory Compliance

Compliance Framework

PolicyScanner operates under a comprehensive regulatory compliance framework that includes:

• Ontario Insurance Act: Full compliance with provincial insurance legislation
• FSRA Regulations: Adherence to all FSRA rules and guidelines
• CISRO Standards: Compliance with Canadian Insurance Services Regulatory Organizations standards
• Industry Best Practices: Following established industry best practices for consumer protection

Required Disclosures

As a licensed brokerage, we are required to disclose:

• License information: Our FSRA license number and status
• Advisor credentials: LLQP certification of all advisors
• Compensation structure: How we are compensated by insurance companies
• Conflicts of interest: Any potential conflicts in our recommendations
• Company relationships: Insurance companies we represent

Consumer Rights

As a FSRA-licensed brokerage, we are required to respect your rights, including:

• Right to information: Clear, accurate information about products and services
• Right to choice: Access to multiple insurance options and competitive quotes
• Right to privacy: Protection of your personal and financial information
• Right to complaint: Access to formal complaint and dispute resolution processes

Professional Standards

Ethical Conduct

All PolicyScanner advisors are bound by professional ethical standards that require:

• Client-first approach: Prioritizing client needs and interests
• Honest communication: Providing accurate, complete information
• Confidentiality: Protecting client personal and financial information
• Professional competence: Maintaining current knowledge and skills
• Conflict disclosure: Identifying and disclosing any conflicts of interest

Errors and Omissions Insurance

As required by FSRA, we maintain comprehensive Errors and Omissions (E&O) insurance coverage:

• Minimum coverage: $1 million per occurrence
• Extended coverage: Protection against fraudulent acts
• Consumer protection: Financial protection for clients in case of professional negligence
• Continuous coverage: Maintained throughout our license period

Quality Assurance

We maintain quality standards through:

• Regular training: Ongoing professional development for all advisors
• Internal audits: Regular review of our processes and procedures
• Client feedback: Continuous monitoring of client satisfaction
• Compliance monitoring: Regular assessment of regulatory compliance

Ongoing Requirements

License Renewal

Our FSRA license requires regular renewal every two years, including:

• Suitability review: Ongoing demonstration of fitness to hold a license
• Compliance verification: Confirmation of regulatory compliance
• Financial requirements: Maintenance of E&O insurance and financial responsibility
• Background checks: Periodic criminal background verification

Continuing Education

All PolicyScanner advisors must complete continuing education requirements:

• 30 CE credits: Required every 2 years for license renewal
• Technical focus: Courses must relate to technical aspects of life insurance
• Current knowledge: Ensuring advisors stay current with industry developments
• Professional development: Ongoing skill enhancement and learning

Reporting Requirements

We maintain transparency through required reporting to FSRA:

• Company relationships: Disclosure of all insurance company contracts
• Business changes: Notification of material business changes
• Compliance issues: Reporting of any compliance matters
• Financial status: Maintenance of required financial standards

Consumer Protection

Regulatory Protection

FSRA provides multiple layers of consumer protection:

• Licensing oversight: Ensuring only qualified professionals can sell insurance
• Conduct monitoring: Regular review of business practices and client treatment
• Complaint resolution: Formal processes for addressing consumer complaints
• Financial protection: Required insurance coverage for professional errors

Complaint Process

If you have concerns about our services, you have access to:

1. Direct resolution: Contact us directly to resolve any issues
2. FSRA complaint: File a complaint with our regulator if needed
3. OLHI assistance: OmbudService for Life and Health Insurance for policy disputes
4. Legal remedies: Courts and other legal remedies as available

Industry Protection

Beyond regulatory protection, the life insurance industry provides:

• Assuris protection: Coverage for policy obligations if an insurer fails
• Industry standards: Self-regulatory practices and industry codes of conduct
• Professional associations: Additional oversight through professional bodies

License Verification

Verify Our License

You can independently verify our licensing status through:

• FSRA website: Search for license #41964M at www.fsrao.ca
• Licensing Link: FSRA's online licensing verification system
• Direct inquiry: Contact FSRA directly at (416) 250-7250

What to Look For

When verifying our license, confirm:

• License status: Active and in good standing
• License type: Life insurance brokerage
• Geographic scope: Licensed for Ontario
• Expiry date: Current and not expired

Red Flags

Be cautious of unlicensed entities that:

• Cannot provide a valid FSRA license number
• Refuse to disclose regulatory information
• Claim to be exempt from licensing requirements
• Operate from outside Ontario without proper licensing