By: Luke Jones, Published on January 31, 2018 02:08 PM, Last Update on January 31, 2018 11:10 AM
The Insurance Council of British Columbia has punished 12 life insurance agents by revoking the licenses after an investigation into their attempt to cheat on qualification tests.
All invalidated agents worked for World Financial Group (WFG) in Surrey, B.C. They fraudulently wrote Life License Qualification Program (LLQP) tests between October 2016 and June 2017 in order to obtain licenses.
WFG has not commented on the punishment, but it is believed the company agrees with the ruling. When initial suspension and an investigation started, the insurer said it “does not tolerate cheating.”
There is a history of WFG agents being reprimanded for cheating. Last October, a national audit designed by a third-party to find discrepancies in test results in Canada from nearly two dozen suspicious test results. Most were from multiple-choice exams where the answers were similarly close to each other.
21 broker licenses were suspended in the wake of the discovery. The Insurance Council of British Columbia found all 21 brokers came from WFG and had used the same answer keys.
“Our concern was that anyone who had cheated on this exam, we didn’t consider to be qualified,” said Insurance Council of BC executive director Janet Sinclair.
“You want to make sure people who are practicing are competent and that’s why we acted as we did ... You expect [agents] to conduct themselves with the utmost of integrity and cheating on an exam does not meet that characteristic.”
“Anyone who wants to practice in this area should be able to pass it without needing to cheat,” Sinclair said.