RIBO Ethics CE Requirement
The new license year of Oct 01, 2018 to September 30, 2019, brings new continuing education requirements for general insurance licensed individuals in Ontario.
The total number of required CE hours has not changed however a new category, Ethics, has been introduced and licensees must complete a minimum of 1 hour in this category per term.
ILScorp has developed a course that is RIBO approved for 1 CE in the new Ethics Category: Making the Right Ethical Decisions. This course is now available to all ILScorp General CE Subscribers!
In this course, we will look at the following topics as they relate to “Ethics and the
Insurance Professional”, specifically:
- Defining “Ethics”
- Establishing Ethical Standards – Sources of Influence
- Basic Ethical Values and What They Really Mean
- The Insurance Broker’s Dilemma
- What a Formal Ethics Program Will Do For Your Brokerage
Along with the new Ethics CE requirement, there is also a cap on the number of Personal Skills hours permitted and a minimum number of Technical hours required. Continuing Education Requirements are listed below.
RIBO CE Requirements
Principal Brokers and Deputy Principal Brokers
10 hours of continuing education credits every year between October 1st and September 30th subject to the following conditions:
- minimum of 1 hour Ethics
- minimum of 5 hours Management
- Personal Skills category courses cannot be applied
- The remaining hours may be in the Management or Technical categories.
A carryover of a maximum of 10 hours (or one term’s requirements) is permitted however the minimum category requirements must be maintained.
All other licensed individuals
8 hours of continuing education credits every year between October 1st and September 30th subject to the following conditions:
- minimum of 1 hour Ethics
- minimum of 3 hours Technical
- maximum of 2 hours Personal Skills may be applied
A carryover of a maximum of 8 hours (or one term’s requirements) is permitted however the minimum category requirements must be maintained.
Newly licensed individuals
The continuing education program of 8 hours every year between October 1st and September 30th will begin the first October following registration. Individuals are only exempted for the remainder of the license year that they were registered.
E.g. Broker A was registered on November 1, 2017 and Broker B was registered on April 30, 2018. Neither Broker A, nor Broker B will be required to have accumulated any continuing education credits by September 30, 2018, but must begin taking the continuing education seminars/courses on October 1, 2018 for the 2018/2019 license term.
By Aleksandra Sagan
THE CANADIAN PRESS
Farmers across Canada left thousands of acres of potato crops unharvested after a slew of bad weather created challenging conditions, setting the stage for a possible shortage of the starchy dinner table staple.
“It’s unprecedented. Never, never before have I seen this in my time,” said Kevin MacIsaac, general manager of the United Potato Growers of Canada (UPGC), an organization that provides industry information to help farmers make production and marketing decisions. He’s been with the organization for seven years and, before that, grew potatoes in Prince Edward Island, where he still lives.
In typical years, one area of the country may suffer from a bad harvest, while others do OK, he said, but this year, the problems span almost all the way across the country.
Farmers abandoned about 16,000 acres of potato crop, according to the group’s most recent estimate, which did not include figures for Saskatchewan, Ontario or Nova Scotia, but indicated they also suffered some losses. B.C. is the only province that did not mention abandoned crops in UPGC’s report.
The group expects to have more precise figures soon, MacIsaac said, but is working with the best information it has now.
P.E.I., the country’s largest potato producer, suffered the most.
Farmers left about 6,800 acres unharvested. In a typical year, some 500 to 1,000 acres may be abandoned, said Greg Donald, general manager of the Prince Edward Island Potato Board, which represents the province’s nearly 170 growers.
The weather this year in the province was relentless.
First came a lacklustre growing season, with a late spring and hot, dry summer, said Donald, which was followed by an early frost in September that killed any future growth potential.
Then came copious amounts of rain, which delayed the end of harvest beyond the usual Halloween target date, and farmers pushed into November.
In early November, it rained one day and the ground froze solid the next, he said, meaning farmers could no longer dig for potatoes.
“Many have described it as the harvest from hell,” he said.
Unusual weather caused other provinces to suffer similar setbacks.
In Manitoba, some 5,200 acres remain unharvested, according to UPGC. While the province’s prospects for a good yield were strong going into harvest, rainfall followed by a cold spell resulted in thousands of abandoned acres, said MacIsaac.
Most farmers will have some type of insurance to cover a portion of their costs associated with the lost income, but it won’t cover the profit they would have made, he said.
The thousands of unharvested acres could mean a shortage of processing potatoes (those used to make products like french fries and hash browns) and table potatoes (those sold whole in grocery stores), both men said.
‘It’s going to be a real, you know, challenge,” said Donald, adding there’s not going to be enough local supply for the markets the province typically serves.
Compounding the problem is a similar situation in parts of the U.S., as well as parts of Europe where a dry season hurt yields, making for a more global shortfall.
While some growing areas in North America may have a shortage, others will have a surplus that can balance that out, said Terence Hochstein, executive director of the Potato Growers of Alberta.
His province abandoned about 1,000 acres, he said, which is more than he’d like, but pretty typical. It was able to send some potatoes to P.E.I. and Alberta to help, he said.
“Overall, I think the crop is going to be tight, but I think the industry will be alright.”
Still, consumers could ultimately see price hikes on potato products due to basic supply and demand principles.
When there’s less of a product, it’s going to be reflected in the price, Donald said, adding even the potatoes that have been harvested are not quite safe yet.
Potatoes are mostly water and harvesting them in wet conditions adds the risk of bringing extra moisture into storage, making them more difficult to dry and keep, he said.
“So that’s still a big concern as well.”
Alberta’s cannabis Crown corporation has stopped issuing any new pot retail licences after only receiving 20 per cent of the stock it ordered amid a Canada-wide supply shortage.
The Alberta Gaming, Liquor and Cannabis Commission had ordered enough cannabis product to stock up to 250 recreational pot shops for the first six months of legalization.
“While some licensed producers have fulfilled their commitments, not all have,” said AGLC president and chief executive Alain Maisonneuve in a statement on Wednesday.
“We continue to work with them to fill stock. Unfortunately, regardless of our efforts, we are seeing the supply of most products run out.”
The commission has also contacted all cannabis growers with federal licences to sell cannabis but has had “no success” due to the shortage, he added.
Since Canada legalized cannabis for recreational use on Oct. 17, several provincial government entities tasked with the sale and distribution of pot have said they are receiving less product than expected and warned that shortages could last for months. Late last month, Quebec’s cannabis Crown corporation slashed its operating hours due to scarce pot products.
Licensed producer Canopy Growth Corp. said last week it remained “on track to meet all commitments on an annualized basis” and it was working with all its provincial and territorial partners to address supply shortages. Aurora Cannabis Inc. said last week it was able to meet “just about all” of its supply obligations leading up to and after legalization day. The Edmonton-based pot producer said it was ramping up production in the coming quarters, but expected consumer appetite to outstrip supply for “some time.”
B.C.-based cannabis producer Tilray Inc. said last week it has explored buying wholesale to bridge the supply gap, but there was “far less” pot available than expected.
The lingering supply shortage has prompted the AGLC to stop accepting new applications for cannabis retail licences until further notice as well.
Applicants already in the queue will receive a full refund of all fees if they want to withdraw their requests, Maisonneuve said.
Alberta’s priority is on stocking private retailers so they will get the majority of “our scarce inventory,” he added.
“We will still maintain some online product to allow consumers in communities where there are not any retail stores to purchase online… I thank everyone for their continued patience while we work through the national shortage of legal cannabis.”
Source: the co-operators
The Cannabis Act, also known as Bill C-45, came into effect Oct. 17, legalizing recreational marijuana. Here’s how this landmark decision affects your Home, Auto and Life insurance.
In all provinces except Manitoba and Quebec, you can legally grow up to four cannabis plants on your property for personal use. These four plants are treated the same as any other legal plant on your property and are covered under your Home insurance policy. If you illegally exceed the number of plants allowed in your province or territory, your claim may be denied entirely.
Household members who smoke cannabis aren’t eligible for our non-smoker discount.
Legislation introduced by the federal government improves roadside screening and implements new charges for driving while impaired by drugs, including cannabis. Driving while under the in fluence of cannabis is illegal and can result in increased auto insurance premiums. Learn more about the dangers of cannabis impaired driving.
If you use cannabis for medicinal purposes, you may be asked about your medical condition during the life insurance application process. While recreational cannabis use won’t impact your rates, heavy use could cause higher premiums or a declined application.
What else you need to know about cannabis
While it’s legal for adults to use cannabis in Canada, each province and territory has different rules. It’s your responsibility to know what’s legal and what isn’t in the province or territory where you live or visit, including:
- The legal age
- Where you can buy and use cannabis
- How much cannabis you can possess
For more information on the cannabis laws, visit the federal government’s Cannabis in Canada website.
Market Update: Cow-calf producers should sell their feeders with the lofty futures and historically strong basis
| Grain News
Alberta packers were buying fed cattle in the range of $151 to $153 on a live basis in mid-October, up approximately $10 from a month earlier. While Alberta prices have been percolating higher, fed cattle values in Kansas have hovered around US$111 on a live basis over the past four weeks. Market-ready supplies of fed cattle in Western Canada appear to be tightening due to lower placements earlier in the spring. This has caused the Alberta fed cattle basis to strengthen.
Yearling prices continue to trade near 52-week highs. Medium- to larger-frame average-flesh 850-pound mixed steers were actively trading in the range of $203 to $210 in southern Alberta. Drier conditions throughout the summer caused cow-calf producers to market feeder cattle sooner than normal. This means available feeder cattle supplies in October and November are lower than anticipated.
U.S. cattle-on-feed inventories continue to run five to six per cent above year-ago levels. It appears fourth-quarter beef production will come in 200 million pounds above last year; similar year-over-year increases are expected in the first three quarters of 2019.
In Kansas, the fed cattle market has hovered around $111 on a live basis which is similar to the average price during October of 2017. The year-over-year increase in demand has offset the rise in production resulting in a similar price structure. Restaurant spending during October and November is expected to finish 10 per cent above last year while retail expenditures are projected to be up three to four per cent.
While the U.S. market has traded in a sideways range, Alberta fed cattle prices have been ratcheting higher through October. I want to draw attention to the placement by weight category during March and April. During March, placements in the 600- to 699-pound category were down 9,467 head from last year; during April, placements in the 700- to 799-pound category were down 11,379 head from April of 2017. This has resulted in lower market-ready supplies of fed cattle during October.
The Alberta and Saskatchewan cattle market has actually divorced from the U.S. for the time being. Basis levels for fed cattle are abnormally high due to the abnormal placement schedule during February through March. Secondly, strong fed-cattle prices in October have caused the feeder cattle basis to also reach historical highs.
Signal to sell
For cow-calf producers, a historically strong basis along with feeder cattle futures near 52-week highs is a signal to sell your feeder cattle. I also want to point out that the April live cattle futures have traded as high as $125 in early October. Over the past year, the live cattle futures have $101 and $130. The risk/reward suggests that there is more downside risk than upside, especially with the year-over-year increase in production.
Backgrounding operators will want to buy price insurance on calves immediately upon purchasing. The March feeder cattle futures reached a high of $155 earlier in October but have since dropped to $148. However, over the past couple of years, the high in the feeder cattle futures has been around $160 but the lows are around $130. It’s prudent to have price insurance this year given the year-over-year increase in the U.S. calf crop. Barley prices are also $50/mt above year-ago levels. The risk reward scenario suggests further downside moving into spring.
The abnormal placement structure during March and April has caused Alberta fed cattle basis to be abnormally strong for October. Feedlots currently have positive margins which has enhanced buying power for replacements. Many cow-calf operators marketed feeder cattle sooner than normal, therefore feeder cattle volumes during October and November are below year-ago levels in Western Canada. These two factors have contributed to the historically strong basis for feeder cattle.
Finally, the April 2019 live cattle futures are trading near 52-week highs which has also caused the November 2018 feeder cattle futures to also trade within the yearly high. Cow-calf producers should sell their feeders with the lofty feeder futures and historically strong basis.
The current environment is also telling backgrounding operators to buy price insurance on their feeder cattle. When you assess the risk/reward, we could see significant downside in the feeder market. The June live cattle futures are trading at a $7 discount to the April contract due to the sharp year-over-year increase in second-quarter beef production.