Who or what is RIBO?
RIBO (Registered Insurance Brokers of Ontario) is a self-governing, self-supporting organization of general insurance brokers in Ontario. RIBO was established by the Ontario government in 1981 to protect the public during insurance transactions with brokers, through self-governance.
RIBO regulates the licensing, professional competence, ethical conduct and insurance related financial obligations of all independent general insurance brokers in the province of Ontario.
RIBO grants two levels of broker licenses:
a) RIBO Level 1 License or the Basic Broker License permits a broker to provide insurance services under the supervision of a broker in possession of a RIBO Level II License (Principal Broker).
b) RIBO Level 11 License or the Advanced Broker License may practice without restriction. Visit RIBO’s website for full details on licensing requirements.
Every registered insurance broker must meet certain qualification standards and continuing education requirements, established by the Qualification & Registration Committee. Visit RIBO's website for more information on the education hours requirements.
What is the difference between an insurance broker and an insurance agent?
An Insurance Broker is a person that has permission to seek insurance quotations for an insured (client) or prospective client. A broker is not an insurance company employee. As a representative for the insured, brokers will approach several insurance companies in an attempt to provide quotations and coverage to adequately insure the client's exposures.
An Insurance Agent is a person who has entered into an 'agency contract' with an insurance company for the purpose of selling insurance for that one company. An agent is not an employee of the insurance company, but rather an independent contractor. The agent, unlike a broker, has the authority to bind coverage (legally obligate the insurance company to provide coverage according to the terms and conditions as bound).
What qualifies you for IBAO Member status?
IBAO members are made up of brokerage offices. You can only qualify to receive member benefits, such as reduced course fees if you are currently employed by an IBAO Member Brokerage.
How do I apply for the RIBO exam?
The RIBO Licensing course offered by the IBAO School of Insurance DOES NOT include the RIBO License Examination Fee. Students must prepare a cheque (company or personal) payable to RIBO for the exam fee.
The fees for the exams are as follows: 1st Attempt $180.00 / All Rewrites $ 90.00
**Prices are subject to change. If you are not taking an IBAO course, you must call RIBO to arrange your own exam date at 1-800-265-3097 or 416-365-1900.
Is it mandatory to do my RIBO Level 1 License exam at IBAO after a course?
No, you can always contact RIBO directly to make different arrangements for a different date, time or preferred location.
What does the RIBO Level 1 License qualify me to sell? What happens if I fail the RIBO Level 1 License exam?
Habitational (personal and commercial) Insurance Coverages, Auto Insurance Coverages, Travel Insurance, and Liability Coverages.
- You are allowed to write the RIBO exam 3 times in 1 year.
- 1st attempt is $180 and then rewrites are $90.
- 3 failed attempts in 1 year means you have to wait a full year before you can re-attempt another RIBO exam.
Does IBAO offer a 're-sit' for the RIBO Level 1 License exam?
IBAO does NOT offer a re-sit for the RIBO exam. If you have to do a re-sit, you have to contact RIBO directly to schedule an exam date. You can do the exam in most major towns in the province. Contact RIBO to find out availability and time.
Do I need a sponsor to obtain the RIBO Level 1 License?
No, you do not need a sponsor to take the licensing course or to do the exam; however, you are required to find employment within the first 12 months of passing the exam to maintain your license. The RIBO Level 1 License is a supervised license, therefore you must work in a brokerage.
What is the difference between the RIBO License and the LLQP license?
The RIBO license qualifies you to sell habitational and auto insurance, while the LLQP license qualifies you to sell life insurance (Life includes accident and sickness).
What is the difference between the OTL & the RIBO License?
Both the RIBO and OTL (other than life) license allow you to sell home and auto insurance; however, the OTL qualifies you to be an insurance agent while the RIBO license qualifies you to be an insurance broker.
What is the Equivalency Exam?
The Equivalency Exam is offered through RIBO to upgrade an OTL license to a RIBO license or to convert an outside of province insurance broker license to a RIBO Level 1 License.
If I am licensed from a different province what are my options?
Contact RIBO directly to find out if you qualify to do an equivalency test. You need to write the full RIBO level 1 exam.
Are there any other locations for the two week RIBO Level 1 License course in Ontario? List of Colleges in Ontario offering the insurance program and contact information
The IBAO School of Insurance offers the two week course in Toronto and in Hamilton only.
- Durham College, Oshawa: 905-721-2000 x2828
- Fanshawe College, London: 519-452-4443 x4097
- George Brown College, Toronto: 416-415-5000 x2164
- Niagara College, Welland: 905-735-2211 x7516
- Seneca College, Toronto: 416-491-5050 x33036
- Sheridan College, Brampton: 905-459-7533 x5170