Insurance brokers are licensed by the Registered Insurance Brokers of Ontario (RIBO). To become a Licensed RIBO Level 1 broker, you must pass the Level 1 exam with a pass rate of 62%. Once you are a Licensed RIBO, you can sell all types of general insurance including home, car and auto. In order to maintain your Ribo License, you must earn 8 hours of continuing education each year, follow the RIBO Code of Conduct and be bonded and insured.
How do I get my Level 2 insurance license in Alberta?
If you have a RIBO level 2 licence or above, you can be the Principal Broker of your own brokerage and manage your own office. To obtain a RIBO Level 2 license, you must pass the RIBO Unrestricted Technical exam. Alternatively, you can gain a RIBO Level 3 license by passing the Unrestricted Management exam.
RIBO is working with the Canadian Insurance Services Regulatory Organizations to review property and casualty agent and broker education and training requirements. They may also recommend a harmonized standard for education and exams. This could include a common curriculum that would outline all the learning required for both agents and brokers. A ‘carve-out’ for MGAs could also be part of this, said CAMGA’s Masnyk.
The RIBO Level 1 and all RIBO equivalency exams can be written online in a Virtually proctored format through TopClass or ProctorU or In Person at an Institute Examination Centre. The remaining RIBO exams (Unrestricted Technical and Unrestricted Management) will be available for online registration later this year.