Ribo license course for Registered Insurance Brokers of Ontario and it’s a self-regulating body that sets standards and administers exams to ensure that insurance brokers have the skills to do their jobs. They also set codes of conduct for insurance brokers and accredit courses that insurance brokers need to complete to maintain their RIBO license. There are 3 levels of RIBO licenses with increasing degrees of authority and responsibility.
Getting licensed allows you to advise clients on and sell all general insurance products including home, auto and business insurance in Ontario. A Level 1 RIBO license allows you to work under the supervision of a principal broker, but after 2 years of working as a restricted broker you can move up to a Level 2 license which allows you to practice unsupervised. A Level 3 RIBO license is required to own or manage your own brokerages.
Insurance brokers that are licensed can shop policies from multiple insurance companies and offer independent expert advice to their clients. In addition to being able to help their clients save money on their premiums, the license enables them to provide a wide range of financial services that can include mortgages and retirement planning.
Becoming a Licensed Insurance Broker in Ontario: Your Journey Through RIBO Courses
RIBO is making some changes to their entry-level exam in 2023 to better reflect the knowledge and skills that are needed by insurance professionals. These changes include adding new questions and adjusting existing ones to reflect the changing industry landscape. They are also implementing a new academic integrity policy to further discourage any behaviour that compromises the fairness of their exam process.