How To Become a Broker
LEVEL I BROKER: “ACTING UNDER SUPERVISION”
All individuals must meet the “qualifications” outlined in Section 5 of Ontario Regulation 991 of the RIB Act. This includes, but is not limited to:
- Passing the Entry Level examination or its Equivalency;
- Satisfying the “only business or employment” requirement;
- Employment with a RIBO registered general insurance brokerage firm. Employment (sponsorship) is not required to write the examination but is a requirement for registration.
Individuals who pass the examination, but do not register with a RIBO registered firm to receive their license MAY NOT hold themselves out or act in the capacity of a broker. Doing so will result in the file being reviewed by the Qualification and Registration Committee and may jeopardize eligibility for licensing. Registration must be completed within twelve (12) months from the date of successful completion of the examination. If registration does not occur within twelve (12) months, the applicant will be required to write the examination again. We regret there are no extensions.
Individuals who have a Shell or Tax Corporation set up to receive commissions for tax purposes only must also register the corporation with RIBO as a “Non-Active Member Firm”. The registration fee for the non-active firm is the same as it is for an individual registration.
Once registered, all licensed insurance brokers must comply with RIBO continuing education requirements.
Regardless of the initial date of registration, the license term is October 1st to September 30th.
- Send to RIBO the following:
- Appropriate Application Form – fully completed and signed
- Appropriate Examination Fee as indicated on the Examination Schedule and Centres Form – made payable to “RIBO” (postdated cheques and credit cards are not accepted). Please print your name on the back of the cheque or money order.
- Two (2) current passport sized photographs (black/white or colour) with your signature on the back of the photographs
- Criminal Records Check
*NOTE: If you do not have the appropriate application form, please complete the “Information/Application Request” form.*
For “TORONTO” Examination Centre
RIBO will send you written confirmation once all the above items (a – d) have been received, regarding the place, date and the time of the examination. DO NOT CALL RIBO – RIBO WILL NOT ACCEPT PHONE EXAM RESERVATIONS. Dates are assigned on a first come first serve basis.
For “OTHER THAN TORONTO” Examination Centres
RIBO will send the exam to the examination centre that you have selected. A letter will be sent advising you as to who you should contact at that centre in order to arrange an examination date. All exams must be written within 30 days of the date of the letter. RIBO does not set the date or time for these exams.