Which of the following statements regarding insurance licensing is TRUE?

The statement that brokers must be licensed in each province they operate is accurate and reflects the regulatory framework governing the insurance industry in Canada. Each province, including British Columbia, has its own regulatory authority responsible for overseeing insurance practices and licensing requirements. This means that if a broker wants to sell insurance or operate in multiple provinces, they must obtain a separate license for each province to ensure compliance with local laws and regulations.

This licensing requirement helps maintain a standard of professionalism and accountability in the insurance industry, as each province can enforce its own standards and protect consumers within its jurisdiction.

In contrast, the other statements are not true: agents must be licensed to sell insurance legally; licensing exams can vary in format depending on the province and the type of insurance being sold, and it is indeed possible for licenses to be revoked due to various circumstances, such as misconduct or failure to comply with regulatory standards.