Pricing
Membership dues are based on the number of licensed insurance brokers in the company. It is an annual membership, beginning January 1 and ending in December of the same year.
Base Fee 1
1 - 13 Licensed Brokers
$455 per licensed broker
Base Fee 2
14 - 20 Licensed Brokers
$6,100 Flat Fee
Base Fee 3
21 - 28 Licensed Brokers
$6,370 Flat Fee
Base Fee 4
29+ Licensed Brokers
Call for pricing details
Start-Up Brokerage Member Category
If you are a brokerage that has been licensed with RIBO for less than two years**, the following membership option is available:
- Two-year membership contract
- Pay 50% of Membership Dues Year 1 based on current size (i.e. 50% discount Year 1)
- 100% of Membership Fees Year 2 (i.e. becomes an active IBAO Member)
**Proof from RIBO that you’ve been active for less than two years is required.
Retired Member Category
If you are a former broker that meets the below criteria, a Retired Member option is now available to you. With it, you can attend IBAO events at Member pricing and it’ll give you access to Member communications. You’re eligible if you:
- Do not currently hold a RIBO License
- Are not employed by a brokerage
- Were an IBAO Member for 5 of the most recent 10 years
Cost: $150 per year, per person. Contact membership@ibao.on.ca to purchase this opportunity.
Local Affiliates
A condition of IBAO membership is that your brokerage continues as a member in good standing of their local, active Affiliated Association. Our 42 Affiliates push local initiatives and advocacy issues to celebrate the industry and bring the broker channel to the forefront at the local level.
Pricing to join an affiliate is dependent on location. Contact your local affiliate for more information.
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I am an individual who is not connected to a company or brokerage that is an IBAO member. Can I still join?
Unfortunately, we are not structured to support this type of membership.
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If my brokerage joins partway through the year, do I have to pay the full amount?
No. Your membership total will be prorated based on the number of months you can take advantage of the benefits.
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How do I add or remove an employee from our company roster?
To add or remove an employee from your brokerage roster, Broker Principals or appointed Broker Administrators can update brokerage information. You can find detailed instructions on how to do that here.
Alternatively, the Manager or Principal Broker can email membership@ibao.on.ca with changes and we can assist.
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If I add or remove licensed brokers in my office throughout the year, do I owe more money to the IBAO?
Your membership dues are calculated annually. There are no mid-term changes. If you add licensed brokers in your office mid year, you can add them to your brokerage roster complimentary so that they can take advantage of the membership benefits. Reductions or increases in the number of licensed brokers will be calculated annually to establish what Base Fee a Brokerage starts and ends at after the change.
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Not all of my staff are licensed brokers. Can non licensed staff members be on the membership roster?
Yes. Non licensed staff members can be added to your roster complimentary.
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My brokerage is active on the merger and acquisition front. How will my dues be impacted if I purchase or merge with another brokerage?
In the event of a merger or acquisition, there will not be any mid-term changes. Once the dues billing cycle comes around, the following will occur:
BASE FEE 1 1–13 Licensed Brokers (LB) $425 per LB
If a Brokerage with 5 LB’s merges with a second Brokerage of 5 LB’s in 2019, in 2020 they’ll remain a Base Fee 1 Brokerage and will be invoiced for 10 LB’s at $425 per ($4,250).
For M&A activity that creates a new business with 14+ LB’s (Base Fee 2, 3, 4), the new entity will be charged the lessor of:
- Base Fee of Acquirer + $200 per newly acquired LB; or
- The Base Fee of Acquirer + Base Fee of the Acquired Brokerage (assuming both are members)