Life insurance students rushing to beat the deadline to write their Level 1 exam in Ontario before the new Life Licensing Qualification Program takes effect January 1, have been granted a reprieve from the Financial Services Commission of Ontario, Advocis reports.

Advocis, the result of the merger of the Canadian Association of Insurance and Financial Advisors and the Canadian Association of Financial Planners, is currently the exam provider in Ontario.

It says that FSCO is responding to the unprecedented demand for examinations by allowing those that are registered to write an exam an extra 30 days to actually complete the process. Students must register to complete their exam by December 31, but will be allowed until January 31 to actually write the Level 1 exam, which, if passed, will grant the student a Level 1 life insurance licence.

“Basically, we’re like a store closing its doors at closing time, but FSCO is allowing us to stay open just long enough to satisfy every customer,” said Dave Traynor, vice-president of programs at Advocis. “Our phones have been ringing off the hook and we want to accommodate everyone’s request.”

Students wishing to write their Level 1 licensing exam must contact Advocis before December 31 to book their exam. All exams must be completed by January 31, 2003. Once students obtain their Level 1 licence, they have two years to obtain their Level 2 licence. New entrants to the life licensing education system will study the LLQP, the new one-step licensing program that becomes mandatory in Ontario on January 1, 2003.