Basic Broker Orientation Day dates / times / location
• Tuesday, January 10, 2012
• Friday, March 9, 2012
• Tuesday, May 29, 2012
• Tuesday, July 17, 2012
• Wednesday, September 5, 2012
• Tuesday, November 20, 2012
Course runs from 9:00 am to 4:00 pm
IBAO School of Insurance, 700-1 Eglinton Avenue East, Toronto
What is Basic Broker Orientation Day?
This course is a mandatory prerequisite for the Basic Broker Preparation Course for applicants with less than 12 months Canadian Property & Casualty insurance experience in the past 3 years. It offers an excellent overview of the industry, RIBO, insurance terms and broker responsibilities for those with little or no industry experience.
What is the course fee?
$100.00 - members / $199.00 - non-members
What is the Basic Broker Licensing Course?
A comprehensive 2 week course IBAO offers to individuals who would like to become insurance brokers and obtain their RIBO level 1 License (acting under supervision). The exam is offered on the last day of class in the afternoon.
What are the Basic Broker Licensing Course dates/times/location?
• Monday, Jan. 16 - Friday, Jan. 27, 2012
• Monday, Mar. 19 - Friday, Mar. 30, 2012
• Monday, June 4 - Friday, June 15, 2012
• Monday, July 23 - Friday, August 3, 2012
• Monday, Sept. 17 - Friday, Sept. 28, 2012
• Monday, Nov. 26 - Friday, Dec. 7, 2012
Course runs from 8:30 am to 4:00 pm
IBAO School of Insurance, 700-1 Eglinton Avenue East, Toronto
What is the course fee?
Members $580 / Non-members $990 *Exam fee is a separate cost payable to RIBO for $180 (cheque only). Submit with your exam application, on the first day of class.
What is the difference between a broker and an agent?
A broker is a person or firm 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 Agent is a person who has entered into an 'agency contract' with an insurance company for the purpose of selling insurance for that 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 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 IBAO course fee DOES NOT include the RIBO examination fee. Students must prepare a cheque (company or personal) payable to RIBO (regulatory body) for the current 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 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 License qualify me to sell?
Habitational (personal and commercial) Insurance Coverages, Auto Insurance Coverages, Travel Insurance, and Liability Coverages.
What happens if I fail the RIBO Level 1 exam?
- 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 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 at www.ribo.com.
Are there any other locations for the 2 week RIBO Level 1 licensing course in Ontario?
The IBAO only offers the 2 week course in Toronto and in Hamilton.
List of Colleges in Ontario offering the Insurance program and contact information
- 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
Does IBAO offer self study or online learning for Licensing?
Yes. IBAO has developed this online course to help participants prepare to write the RIBO Level I Licensing exam and is open to both IBAO members and non-members. Course is available anytime. The course fee for members is $399 and $549 for non-members.
Who or what is RIBO?
The Registered Insurance Brokers of Ontario (RIBO) is the self-regulatory body for insurance brokers in Ontario. Established in October 1981, RIBO regulates the licensing, professional competence, ethical conduct, and insurance related financial obligations of all independent general insurance brokers in the province.
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 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 a broker.
What is the Equivalency exam?
An exam written through RIBO to upgrade the OTL license to a RIBO license / to convert an outside province 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.
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