If you’ve spent any time around the insurance industry, then you have heard about RIBO. RIBO stands for Registered Insurance Brokers of Ontario and is the self-regulating organization that governs insurance brokers in the province. It is responsible for licensing, enforcing codes of conduct and accrediting continuing education courses for insurance brokers.
Do you need Alberta license to get insurance?
A RIBO license qualifies an individual to work as a general insurance broker in Ontario and allows them to sell car, home, business, leisure vehicle (like boats or snowmobiles), liability and other types of property and casualty insurance. It is not a license to sell life or health insurance, which must be obtained via an LLQP exam (more on that another day).
There are 3 classes of RIBO License. RIBO 1 (Entry Level) – This is the license that allows an individual to work as a general broker but only under supervision of a Licensed Level 2 or higher broker. RIBO 2 – This is the license that allows an insurance broker to operate their own brokerage as the Principal Broker in charge of those working under them and is able to operate independently from supervision. RIBO Management – This is the most advanced level of RIBO License and requires 2 years of experience before taking the RIBO Management exam. RIBO exams can be taken in person either through Virtually proctored Online through TopClass or ProctorU or In Person at an Institute Examination Centre. Resourse : https://pnclearning.com/registered-insurance-brokers-of-ontario/
If an individual works as an insurance broker without a RIBO licence, they are in contravention of the RIBO Act and are liable to fines of up to $100,000 for individuals and $200,000 for corporations. RIBO also has the ability to apply to the courts for search warrants to enter and examine documents.