Question

Danny is a new life insurance agent. He wants to know which of the following is a professional association and not a regulating authority. What do you tell Danny?

a. Canadian Insurance Services Regulatory Organizations (CISRO)
b. Advocis
c. Canadian Life and Health Insurance Association (CLHIA)
d. Canadian Council of Insurance Regulators (CCIR)

Answer 1

Advocis is the professional association Danny is looking for, as it is not a regulating authority but rather supports the development of financial advisors.

Step-by-step explanation:

Danny, as a new life insurance agent, should know that among the options provided, Advocis is a professional association, not a regulating authority.

While CISRO, CLHIA, and CCIR all serve important roles within the insurance industry, Advocis is known as the Financial Advisors Association of Canada, which provides a platform for its members to enhance their skills and is dedicated to increasing the professionalism of financial advisors in the interest of the public.

Regulating authorities such as CISRO and CCIR are responsible for insurance regulation, ensuring that companies operate within the law and maintain fair practices.