No consultation of local stakeholders in insurance move
Without any consultation, B.C. has changed the licensing qualifications for life insurance agents. Consumer protection will not be improved because the new standards aren’t any higher. The new testing will, however, be more expensive and more complicated, and focus heavily on non-insurance issues such as financial planning and investment.
Historically, the life insurance selling profession has been an excellent job for families that need a better income. The new system will put these jobs out of reach for many people, but do nothing for consumer protection.
With the economy still sluggish, now is not the time to put barriers between people in B.C. and the jobs they need.