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. Canadian Life and Health Insurance Association (CLHIA)
c. Canadian Council of Insurance Regulators (CCIR)
d. Advocis

Answer 1

Option (b), The Canadian Life and Health Insurance Association (CLHIA) is the professional association for life and health insurance companies, while the CISRO and CCIR are regulatory bodies. Advocis is also a professional association but not a regulator.

Step-by-step explanation:

Danny, as a new life insurance agent, it's important to differentiate between professional associations and regulating authorities. Out of the options you've listed, the Canadian Life and Health Insurance Association (CLHIA) is a professional trade association that represents the collective interests of its member life and health insurance companies.

In contrast, the Canadian Insurance Services Regulatory Organizations (CISRO) and the Canadian Council of Insurance Regulators (CCIR) are regulatory bodies that provide guidance and regulation to the insurance industry. Advocis, also known as The Financial Advisors Association of Canada, is another professional association that offers support and advocacy for financial advisors, but it does not serve as a regulatory authority.