Insurance Agent | Government of Prince Edward Island (2024)

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Effective January 4, 2022 please note that there are changes to thePEI Insurance Agent and Adjuster Licensing Process

Insurance Agent Licensing

Any person who carries on the business of an insurance agent in Prince Edward Island must have a valid license (Certificate of Authority) issued by the Superintendent of Insurance under the Insurance Act.

Insurance Agent License Search

You can check whether an insurance agentis licensed by going to the following link:Licensed Insurance Agents

License Term

An Insurance Agent License (Certificate of Authority)is valid for two years.

Types of Licenses:

  1. Life andAccident & Sickness Insurance Agent
  2. Accident & Sickness Insurance Agent
  3. General Insurance Agent

Eligibility

To be eligible for an insurance agent license (Certificate of Authority)you must:

  • Satisfythe Superintendent of Insurance that you are a suitable person to receive a certificate of authority and intendto hold yourself out publicly and carry on business in good faith as an insurance agent;
  • Meet one of the following criteria:
    • (a) Successfully complete the Education/Examination Requirements (see below); or
    • (b) holds an equivalent license (certificate of authority) in another province and has qualifications substantially equivalent to educational/examination requirements from (a) above.
  • Be sponsored by anInsurance Company licensed to do business in PEI;
  • Submitthe non-refundablefeeof$200; and
    • Comply with the rules and regulations of the Insurance Act.

    Educational/Exam Requirements

    To be eligible for an insurance agent license (certificate of authority)you must successfully complete the educational/examination requirements based on the type of license:

    1. Life and Accident & Sickness insurance applicants must:

      • Education - Successfully complete the fullLife License Qualification Program (LLQP)

      • Exams - Pass the required licensing exams.

        • Completion of all four LLQP modules is required: (1) Accident and Sickness Insurance; (2) Ethics and Professional Practice; (3) Life Insurance; and (4) Segregated Funds and Annuities

        • To register for the LLQP Module Exams, please review the information at:Life License Qualification Program (LLQP)

      • For more information on theLife License Qualification Program (LLQP)

    2. Accident & Sickness insurance applicants must :

      • Education - Successfully complete the A&S modules ofLife License Qualification Program (LLQP)

      • Exams - Pass the required licensing exams.

        • Completion of the followingLLQP modules: (1) Accident and Sickness Insurance; and (2) Ethics and Professional Practice.

        • To register for the LLQP Module Exams, please review the information at:Life License Qualification Program (LLQP)

      • For more information on theLife License Qualification Program (LLQP)

    3. General insurance applicants must:

      To Apply or Renew

      BEFORE YOU START: You will not be able to save your application if you need to stop before completing the application process. Please ensure you review the information below and have all the required documents and information before starting the web submission process.

      General Insurance Agent Applications:

      1. Applications:
        • New: Application for New General Insurance Agent Certificate of Authority
          • Fee: $200 *payable by credit card through web submission
        • Renewal: Application for Renewal of General Insurance Agent Certificate of Authority
          • Fee: $200 *payable by credit card through web submission
        • Change in Sponsor: Application for New General Insurance Agent Certificate of Authority
          • Fee: $50 *payable by credit card through web submission
          • Change in sponsor requires submission of a new application
          • Ensure that your new sponsor has signed the application (page 3 - #25)
      2. Submission: Once you have completed the PDF application form (above), it must be submitted online with the required documents.
        • Please do not email or mail your applications.
        • If you have already submitted your application and need to provide an update, please email licensing@gov.pe.ca with your updated information and provide your submission ID. Please DO NOT make another submission.
        • Submit Application

      Life and/orAccident & Sickness Insurance Applications:

      1. Applications:
        • New:Application for Life and/or Accident and Sickness Agent Certificate of Authority
          • Fee: $200*payable by credit card through web submission
        • Renewal:Application for Renewal of Life and/or Accident and Sickness Agent Certificate of Authority
          • Fee: $200*payable by credit card through web submission
        • Change in Sponsor:Application for Life and/or Accident and Sickness Agent Certificate of Authority
          • Fee: $50*payable by credit card through web submission
          • Change in sponsor requires submission of a new application
          • Ensure that your new sponsor has signed the application (page 3 - #25)
      2. Submission: Once you have completed the PDF application form (above), it must be submitted online with the required documents.
        • Please do not email or mail your applications.
        • If you have already submitted your application and need to provide an update to your application, please email licensing@gov.pe.ca with your updated information and provide your submission ID. Please DO NOT make another submission.
        • Submit Application

      Combined Submission for General Insurance and Life and/orAccident & Sickness Insurance Agent Applications:

      You can apply for both your General Insurance and Life and/or Accident & Sickness Insurance Agent licenses by following the below steps.

      1. Applications:
        • New: Two applications mustbe submitted:
          1. Application for New General Insurance Agent Certificate of AuthorityAND
          2. Application for Life and Accident and Sickness Agent Certificate of Authority
          • Fee: $200*payable by credit card through web submission
        • Renewal:Two applications mustbe submitted:
          1. Application for Renewal of General Insurance Agent Certificate of Authority
          2. Application for Renewal of Life and Accident and Sickness Agent Certificate of Authority
          • Fee: $200*payable by credit card through web submission
        • Change in Sponsor:Two applications mustbe submitted:
          1. Application for New General Insurance Agent Certificate of AuthorityAND
          2. Application for Life and Accident and Sickness Agent Certificate of Authority
            • Fee: $50*payable by credit card through web submission
            • Change in sponsor requires submission of a new application
            • Ensure that your new sponsor has signed the application (page 3 - #25)
      2. Submission: Once you have completed the PDF application form (above), it must be submitted online with the required documents.
        • Please do not email or mail your applications.
        • If you have already submitted your application and need to provide an update to your application, please email licensing@gov.pe.ca with your updated information and provide your submission ID. Please DO NOT make another submission..
        • Submit Application

      IMPORTANT- Before you submit, please ensure that you and your sponsor haveSIGNED the application. Acceptable signaturesinclude hand written signatures and verified e-signatures (ex: Docusign and Adobe sign).If you have already submitted your application and need to provide an update to your application, please email licensing@gov.pe.ca with your updated information and provide your submission ID. Please DO NOT make another submission.

      Submit Application

      This service accepts paymentsusingVISA, VISA Debit, MasterCard, and Debit MasterCard.

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      General Inquiries

      Financial and Consumer Services Division
      1stFloor, Shaw Building (North Entrance)
      105 Rochford Street
      PO Box 2000
      Charlottetown, PE C1A 7N8

      Phone: 902-368-4550
      Fax: 902-368-5283

      ccs@gov.pe.ca

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      33. Online Services: The article provides information on accessing online services related to insurance regulation, including checking insurance agent licenses, submitting applications, and making payments.

      34. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers andortance of ensuring the application is properly signed.

      35. Online Services: The article provides information on accessing online services related to insurance regulation, including checking insurance agent licenses, submitting applications, and making payments.

      36. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and emailtance of ensuring the application is properly signed.

      37. Online Services: The article provides information on accessing online services related to insurance regulation, including checking insurance agent licenses, submitting applications, and making payments.

      38. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and email addresses $200,ensuring the application is properly signed.

      39. Online Services: The article provides information on accessing online services related to insurance regulation, including checking insurance agent licenses, submitting applications, and making payments.

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      41. Online Services: The article provides information on accessing online services related to insurance regulation, including checking insurance agent licenses, submitting applications, and making payments.

      42. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and email addresses for the Financial and Consumere application is properly signed.

      43. Online Services: The article provides information on accessing online services related to insurance regulation, including checking insurance agent licenses, submitting applications, and making payments.

      44. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and email addresses for the Financial and Consumer Servicescation is properly signed.

      45. Online Services: The article provides information on accessing online services related to insurance regulation, including checking insurance agent licenses, submitting applications, and making payments.

      46. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and email addresses for the Financial and Consumer Services Division.

      Understandingn is properly signed.

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      2. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and email addresses for the Financial and Consumer Services Division.

      Understanding these concepts the online submission.

      • Specific application forms for General Insurance, Life and/or Accidents related to insurance regulation, including checking insurance agent licenses, submitting applications, and making payments.
      1. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and email addresses for the Financial and Consumer Services Division.

      Understanding these concepts isrelated to insurance regulation, including checking insurance agent licenses, submitting applications, and making payments.

      1. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and email addresses for the Financial and Consumer Services Division.

      Understanding these concepts is crucial forlated to insurance regulation, including checking insurance agent licenses, submitting applications, and making payments.

      1. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and email addresses for the Financial and Consumer Services Division.

      Understanding these concepts is crucial for anyone interestedo insurance regulation, including checking insurance agent licenses, submitting applications, and making payments.

      1. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and email addresses for the Financial and Consumer Services Division.

      Understanding these concepts is crucial for anyone interested in becoming licensede regulation, including checking insurance agent licenses, submitting applications, and making payments.

      1. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and email addresses for the Financial and Consumer Services Division.

      Understanding these concepts is crucial for anyone interested in becoming licensed as regulation, including checking insurance agent licenses, submitting applications, and making payments.

      1. Contact Information: Contact details for inquiries or assistance regarding insurance regulation in PEI are provided, including phone numbers and email addresses for the Financial and Consumer Services Division.

      Understanding these concepts is crucial for anyone interested in becoming licensed as an insurance agent in Prince Edward Island or engaging in insurance-related activities in the region. a combined submission are available.

      • Ensure signatures from both the applicant and sponsor are provided.
      1. Submission and Updates:

        • Applications must be submitted online along with required documents.
        • Updates to applications can be communicated through email to licensing@gov.pe.ca, referencing the submission ID.
      2. Payment Methods:

        • Accepted payment methods include VISA, VISA Debit, MasterCard, and Debit MasterCard.

      This information provides a comprehensive overview of the PEI Insurance Agent Licensing Process, covering eligibility, education/exam requirements, application procedures, and key considerations for insurance agents in Prince Edward Island. For any additional inquiries or clarification, individuals can contact the Financial and Consumer Services Division at 902-368-4550 or ccs@gov.pe.ca.

      Insurance Agent | Government of Prince Edward Island (2024)

      FAQs

      Why do so many insurance agents fail? ›

      Insurance agents succeed when they prioritize their customers' needs over their own profits. The most commonly cited reason insurance agents fail is that they fail to listen to their customers and take the time to find the best product to suit their needs.

      How do I succeed as a new insurance agent? ›

      How to Be a Successful Insurance Agent
      1. Present yourself like the professional you are.
      2. Build customer relationships, and ask for referrals.
      3. Be proactive when client policies are almost up.
      4. Cross-sell or upsell other products tailored to your client.
      5. Improve SEO to make it easier for leads to find you.

      Does it matter if your insurance agent is local? ›

      In-Depth Knowledge of Local Factors

      Their expertise allows them to fashion policies that comprehensively shield you from weather anomalies, crime spikes, and other localized factors. This intricate care is often overlooked by coast-to-coast and online-only agencies, so going local helps you mitigate these risks.

      Why you should work with an insurance agent? ›

      Your best interests. An independent agent has a legal duty to act ethically and put your best interests first. They thoroughly review your individual circ*mstances and needs before exploring the wide range of options they have access to in order to help find you the best insurer and product for you.

      What is the failure rate for insurance agents? ›

      The Key To New Agent Insurance Sales Success! Dear Friends, Somewhere around 80% of new insurance agents hired by independent marketing organizations fail and quit within their first 12 months of getting their license. And then within 5 years, 80% of the remaining new insurance agents will struggle and quit!

      Why are insurance agents so rich? ›

      One of the primary reasons insurance agents can accumulate wealth is their commission-based income structure. Unlike salaried employees, agents earn a percentage of the premiums they sell to clients. As they build a client base and generate more sales, their income potential increases.

      Is it hard to make money as an insurance agent? ›

      It is not easy to make a living in insurance, but it is not as hard as you might think. As with any type of sales, becoming an insurance agent can be one of the best paying hard jobs or a terrible paying easy job. Dedicated agents will become successful at insurance sales, just like at any other job.

      Is it hard to be a successful insurance agent? ›

      Selling insurance can be a lucrative proposition, with relatively high-paying commissions and a high degree of autonomy with flexible work hours. However, it is not an easy job. You can expect a high rate of customer rejection, stress, and attrition rate.

      What is the most lucrative insurance agent? ›

      While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.

      What is the difference between an insurance agent and an insurance representative? ›

      Insurance agents and insurance brokers can both help you buy an insurance policy. But insurance agents represent the insurance provider that employs them and help sell policies from that single provider. Insurance brokers represent the consumers who use them and can help them shop for policies from multiple providers.

      What is the difference between insurance advisor and agent? ›

      An Insurance Agent works for a company and thus represents it. However, an Insurance Broker/Advisor is chosen by you, the buyer, so they will always represent you and not any of the company policies they present to you. An Insurance agent works for the company, while a broker works independently.

      Should I get quotes from multiple insurance brokers? ›

      Whether you're buying home, renters, pet or car insurance, it's smart to get quotes from multiple insurers to find the best price.

      What skills do insurance agents need? ›

      Important Qualities
      • Analytical skills. Insurance sales agents must evaluate the needs of each client to determine the appropriate insurance policy.
      • Communication skills. Insurance sales agents must listen to clients and be able to clearly explain suitable policies.
      • Initiative. ...
      • Interpersonal skills. ...
      • Self-confidence.

      Is insurance a high paying industry? ›

      As of Apr 11, 2024, the average annual pay for an Insurance Industry in California is $55,530 a year. Just in case you need a simple salary calculator, that works out to be approximately $26.70 an hour. This is the equivalent of $1,067/week or $4,627/month.

      Why do insurance agents get bad reputation? ›

      No Trust in the Insurance Agent or Insurance Company

      Some are just paranoid, but others have had past experiences that justify their lack of trust. Whether it has been lack of service from their agent or not being treated fairly on a claim, bad experiences can put a very negative light on the insurance industry.

      Why is the insurance industry struggling? ›

      The property insurance sector is under heavy pressure from poor financial performance due to unexpectedly high inflation, a shift of exposures to higher-risk areas, and rising reinsurance costs.

      What is the biggest insurance company to fail? ›

      Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.

      References

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