Federally incorporated life insurance companies are supervised by the Office of the Superintendent of Financial Institutions (OSFI) for solvency under the Insurance Companies Act (Canada). Market conduct and licensing of agents who sell segregated funds falls to provincial insurance regulators (for example, FSRA in Ontario). The LLQP is the national entry-level qualification for life insurance agents, harmonized across provinces under CISRO.
An agent selling segregated funds must hold a life insurance licence in the province of sale -- not a mutual fund dealing registration. This matters for exam questions about who can sell which product.
Recall test: Name the three parties to an IVIC and explain what event triggers the death benefit. Then state the two ways a segregated fund differs from a mutual fund that flow directly from being an insurance contract.