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Why Take a Ribo License Course?

If you’re thinking about a career in insurance or if you are an existing broker, you know that you need to take a ribo license course. This article will explain what that means, how it works and what it allows you to do.

What does RIBO mean in insurance?

RIBO (Registered Insurance Brokers of Ontario) sets the standards for insurance brokers in the province and administers their licensing exam. If you want to sell general property and casualty (car, home, liability) insurance in Ontario, you must pass the RIBO Level 1 exam. Those who are successful will be allowed to work as an independent insurance broker and can apply to become a Principal Broker in a brokerage firm.

Once you get your Level 1 license, you can start to consider getting your RIBO Level 2 license which will allow you to run your own insurance brokerage as a Principal Broker responsible for supervising those under you. You need to study the Level 2 course and pass the RIBO Management exam to get this license.

If you are an experienced insurance agent who holds a OTL licence in another province or who is licensed as a Broker Other Than Life (BoTL) with FSCO, you may be eligible to write a RIBO equivalency exam in lieu of the full RIBO Level 1 exam. You can find more information about equivalency exams on the RIBO website.

Keeping your RIBO licence is important because if you lose it, it will likely impact the ability to do business with most insurance carriers. Moreover, many companies will drop you as an insured or broker if they see that you have lost your RIBO license.