Insurance License Ontario – How to Become a Licensed Insurance Broker

 

The insurance industry has career opportunities across a number of specialized fields, including agents, brokers and independent adjusters. All of these roles are governed by provincial government insurance councils that govern the licensing, professional competence, ethical conduct and financial obligations of insurance professionals within their jurisdiction. Actuaries also require a series of examinations and a licensing process in order to work in the profession. This link https://courses.pnclearning.com/collections/ontario

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In order to become a licensed insurance broker in Ontario, you will need to pass the Registered Insurance Brokers of Ontario (RIBO) exam. This exam can be taken online or in-person, and you will be notified of your results within two weeks. If you do not pass, you can write the exam again within 8 months of your first failed attempt. The exam consists of 110 questions, and you must score at least 75% to pass. You can prepare for the exam through in-person virtual classes or study kits offered by RIBO and the Insurance Institute of Canada.

Once you have passed the RIBO exam, you will need to be sponsored by a licenced insurer in order to become a general insurance broker. Your sponsoring insurer will verify that you meet all the requirements to apply for a licence, and will submit your application to FSRA.

If you wish to advance your career in the industry, you can pursue a Level 2 licence, which will allow you to take on managerial duties at a brokerage. To attain this, you will need to pass the Level 1 exam and additional educational courses, such as those outlined by the Insurance Council of Manitoba or Red River College’s General Insurance Certificate program or CAIB 3 and other courses available through the Insurance Institute of Canada.