Hi VJ,

Sorry, I missed your earlier posts as I joined canadiandesi.ca later on. As regards your questions about LLQP and Mutual Fund license, I have the following to say:

Life License Qualification Programme (LLQP), as the name suggests, is a qualifying test for sitting in the provincial licensing exam. That means if you want full license to sell life, health, disability insurances etc. in Ontario, you have to first pass the LLQP exam and then the Ontario provincial exam. Once you have done that then some insurance company should be willing to sponsor you for the actual license.

For more details on LLQP exam and syllabus follow the links.

http://www.advocis.ca/browse_categories.htm?token=:token&step=2&catid=176&iscat=1

and

https://www.csi.ca/student/en_ca/courses/insurance/cic.xhtml

For details on the actual licensing exam requirements, the following link would be useful.

http://www.ccir-ccrra.org/LLQP%20Docs/index_en.htm

Your second question on mutual fund license:

Once you have the insurance license you can sell segregated funds as part of insurance. However, if your intention is to go for a full-fledged mutual fund license, the procedure is slightly different.

To begin with you are required to clear an exam that is offered by several institutes but personally I vouch for the Canadian Securities Institute (CSI). The CSI's Canadian Securities Course (CSC) is the most popular course in Canada for those aspiring to step into the financial industry. This is followed by the Conduct and Practices Handbook Course (CPHC) which details your behaviour and conduct while selling fiancial products. Armed with these two certificates then you have to search for a dealer/bank to sponsor your license with the provincial securities commission.

I hope that is all you wanted to know.

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Man's Best Friend

S’up Clint,

Well Teja has explained the LLQP to you and given you the sites to check out. BE advised that there are 3 main types of insurance here, term insurance- a pure insurance-whole life- a product with insurance and cash value (the most popular promoter of this in India is Max New York life)-and universal life insurance- insurance, cash value and investments all built into one- excellent product. 2 years ago in India there was no such product. Now I don’t know. The most popular form in India, far –East and also in Europe is the endowment insurance plan which is not offered here anymore as it is not tax effective and has been phased out.
Doing the LLQP also allows you to sell disability and critical illness insurances.
Teja mentioned segregated funds-which are basically a basket of several mutual funds with a guaranteed maturity value as opposed to the regular mutual funds which have no guaranteed maturity value. It also has an insurance element incorporated into it which is why insurance agents are able to sell the same. 2 years ago, ICICI-Prudential and HDFC-Standard were both considering introducing this product, but I am unsure if they are currently available in India. What company are you with at the moment?

For mutual funds only, there is a simpler course from Investment Funds Institute of Canada (IFIC). With this you are licensed only to sell mutual funds, not stocks nor other forms of investments. The CSC course Teja mentions is a more comprehensive course that comprises stocks, bonds, derivatives, options, futures etc. The site for IFIC is http://www.ifse.ca" rel="nofollow">LINK

There is one company here called Edward Jones that will hire you, pay you a stipend of $29,000 per year and will even pay for your LLQP course and CSC, provided you pass the interview. They will even provide you with an office from where to work out from. Edward Jones in the year 2001 and 2002 was voted by Fortune 100 as the no 1 company to work for in the world! Mind you, not the no 1 company in the financial field but the number one company period. Their site is http://www.jonesopportunity.com" rel="nofollow">LINK

There is a lot of information regarding this. If you have an email I can mail you directly or we can chat on yahoo, msn whatever.

When I get more time. I shall post more info. Or if you wish any specific info, ask for it and somebody will reply.

TAKE CARE,

Bambai ka babu

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Get what you want by helping others get what they want

Dear Mr. Teja & Mr. the-entrepreneur (Bambai ka babu),

I was very happy after reading such valuable inputs from both of you. Thanks a lot for this. From both the reply, I feel you both seem to have quite a good feel of the insurance industry in Canada. Are you working for the same?

Is it a fact that the Canadian insurance industry grew by 800 % last year?

Rgds,

VJ

Hi VJ,

I am glad that Bombai ka Babu and self were able to address your questions on life insurance certification.

Now a few words about the growth of insurance industry assets in Canada. I do not know the source of your information but a growth of 800% in insurance assets is huge by any stretch of imagination. However, according to the Statistics Canada (see below) the last year growth in assets was 7.50%, a more reasonable growth figure.

Year 1999: $249,840 million
Year 2000: $259,664 million
Year 2001: $276,501 million
Year 2002: $303,690 million
Year 2003: $326,442 million

(Source: http://www.statcan.ca/english/Pgdb/finn18a.htm)

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Man's Best Friend

Quote:

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Orginally posted by YoursTruly

Hi VJ,

I am glad that Bombai ka Babu and self were able to address your questions on life insurance certification.

Now a few words about the growth of insurance industry assets in Canada. I do not know the source of your information but a growth of 800% in insurance assets is huge by any stretch of imagination. However, according to the Statistics Canada (see below) the last year growth in assets was 7.50%, a more reasonable growth figure.

Year 1999: $249,840 million
Year 2000: $259,664 million
Year 2001: $276,501 million
Year 2002: $303,690 million
Year 2003: $326,442 million

(Source: http://www.statcan.ca/english/Pgdb/finn18a.htm)

---

Hey Clint,
S’up? Hope ya don’t mind me calling ya Clint as that’s the foto you got aside yer name. Mebbe we shud call ya “the man with no name” like he was known in them thar days.

Ok, like here’s a li’l lowdown fer ya. There is a another product here called RESP (Registered Education Savings Plan) which is a savings vehicle for post-secondary education. As you know, education here upto the high school diploma is free unless of course you put your child in a private school. Most people send their children to a gratis community school here.
However, college/university education has to be paid for. The government has encouraged parents to save for their children’s post secondary education by offering them a 20% grant provided they register(hence the name) the plan with the government. So for every $1,000 that goes into the plan, the government gives you $200 upto a certain limit, until the child turns 18. All the returns on this investment grows tax free until your child is ready to go to college. This registered plan is very popular with the immigrant community as most come here for the betterment of their children’s lives, and they get “free” money from the government..This goes hand in hand with the investment side you are looking at i.e mutual funds etc. It is a very easy thing to convince people to register for. The Ontario Securities Commission theoretically bans the word “sell” for this plan. People either “subscribe” or “enroll” in the plan, which is why it is such a cinch to have people adhere to this plan.
I am including this info as a complement to insurance and mutual funds.This is the easiest thing to get licensed for. If you are already in the financial field, the studying for the exam takes a week, the test a couple of hours and the licensing another 3 weeks, so within basically a month you are up and running and making some moolah. Something you might want to consider when you land here.
AS for the increase of 800%- lagta hai koi bedouah marke yan aafeem pike baat kar raha tha! Teja has given you the correct info.
Any other info you desire- please ask. I might give replies to your queries a bit late but reply I will (der hoga lakin ander nahin).
When I was last in India, AIG (Tata), Standard(HDFC), Allianz(Bajaj), Prudential (ICICI) , Max New York Life, some other company with Birla (I forget the name) and another French company with SBI were there. There must be more now. At that time, if you were an insurance agent you were captured, ie you could only sell Tata’a or HDFC’s or ICICI’s not all 3. Here you can sell all the products of all the 100 odd companies once you are licensed and sponsored by a broker(which is very easy).
‘Nuff said fer now!
More in the next round!(If there is something you don’t understand about the RESP info, let me know).
Bambai ka babu
PS Yes I am in the insurance and investment field having worked with AGF mutual funds and Unisen here. Now I have company of my own.

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Get what you want by helping others get what they want

Dear the-entrepreneur,

Thanks a lot for further inputs. Yes, I really won't mind to be called as "CLINT"..

You are right, RESP is also a very handy thing to start with. Now in India there are 12 private companies, LIC is the 13th one. All are regulated by IRDA.

Now, can you please help me to find out the difference, I mean if in India an agent gets 40 % max for an endowment policy sale, i.e. If he gets 1000 Rs. premium, he gets 400 bucks. What would be the same in Canada for RESP, Life Insurance sale (universal or term policy sale) and mutual fund sale. What are different commission structures.

And lastly, you have mentioned "sponsorship by from brokers" , which is easy. Please elaborate, how it is easy and how it is done?

You can send me PM, if you do not want to disclose the commission etc..openly in the post.

Regards,

VJ.