CHANGES TO EXAM REGISTRATION

Why is RIBO partnering with the Insurance Institute of Ontario (IIO) and Insurance Brokers Association of Ontario (IBAO) for exams?

RIBO is entering into service agreements to create more efficiencies for the exam administration process. Candidates can now register for RIBO exams and book examination dates directly with these institutions.

Are changes to the cost of the exams anticipated as a result of these changes?

Examination fees cover service providers’ administrations costs as well as costs related to supporting RIBO’s ongoing review of qualification standards, exam review and development.

Will RIBO continue to host in person examinations at its Toronto office?

RIBO will no longer be hosting examinations at its Toronto office. Exam candidates can register to take any RIBO exam through its service providers.

Does RIBO provide study materials for its exams?

Self-study kits are available through the Insurance Institute of Ontario (IIO) and Insurance Brokers Association of Ontario (IBAO), as well as other course providers.

How do I sign up for an exam?

Please visit the IIO’s website or the IBAO’s website to sign up for an exam.

I already sent my exam application to RIBO, can I go directly to the IIO or IBAO to book an exam? 

You can go to the IIO or IBAO to book an exam only if your payment has not yet been processed or sent. Please alert RIBO of the change at your earliest convenience  

How can I switch from in-person exam to an online exam? 

Please contact the IIO or the IBAO to cancel your exam and rebook through the other service provider. Please review your service provider’s cancellation policy for information regarding cancellation fees.

I have previously written the level one equivalency exam with the IIO or the IBAO will those attempts be counted against me?

There is no longer a limit at how many attempts an individual takes at writing an equivalency exam. Candidates are eligible to rewrite within the 8-month period following their first examination per exam provider. Candidates after two failed attempts are subject to an 8-month waiting period following their second failed attempt with the same service provider. Previous attempts prior to May 1, 2021, will not count against the candidate. Exam results will be invalid and will not count towards licensing if an individual attempts any exam(s) more than twice in an 8-month period with any single exam provider. No refunds will be provided for such individuals.

What dates are available? Where is the exam schedule?

Please visit the IIO’s website for more information regarding examination schedule.

The IBAO hosts in-person exams on set dates each month at their exam centres. Groups of 5 or more can request that their exams be written at a Brokerage and the IBAO will arrange a time to write the exam. Please visit the IBAO’s https://www.ibao.org/in-person-exam/website for more information regarding examination schedules..

How do I reschedule my exam?

Please check the IIO’s website or the IBAO’s website for details on rescheduling.

How do I request an accommodation?

You must submit a completed accommodation application and documentation no later than ten business days prior to the start of the preferred exam administration period. If you had previously requested accommodations through RIBO, you will need to submit a new accommodation request to the IIO or the IBAO.

How long will it be before I received my grades? 

Online examinations administered by the IIO are marked electronically and the grades will be provided to the candidate by the IIO generally within five (5) business days.

Examinations written in-person with the IBAO will be marked by examiners. Individuals will be advised of their results by email generally within 10-15 business days.

For confidentiality reasons, examination result information cannot be released to any person other than the individual candidate. Exam results are also automatically shared by the IIO and the IBAO with RIBO to confirm eligibility for licensing.

How can I request a remark?

As of April 1, 2021, the Level 1 exam is a 100 percent multiple choice exam. As such, no remarks are available for the Level 1 exam. For all other examinations, examination results which are within one and/or two marks of a pass are automatically reviewed and/or remarked prior to the release of the examination results.

LEVEL 1 EXAM

Why did the format of the Level 1 exam change?

The case study portion of the level 1 exam was removed from the level 1 exam effective April 1, 2021. This section of the exam required review and marking by external examiners. Consultation with education experts determined that this component of the exam was not imperative for the assessment of insurance specific knowledge. There will be no changes made to the duration of the exam (3 hours in length).

Is the Level 1 exam format change permanent?

It is not a permanent change. Exams will return to a full 100 points following a review completed by educational experts. New case study questions will be developed to ensure the exam is consisted with course materials and that the exam assesses product knowledge that is reflective of new emerging insurance products, e.g., cyber insurance.

Will I have access to the policy booklets during my exam?

RIBO Level 1 and all RIBO auto equivalency candidates will be able to access policy wordings their online or paper-based exam.

What is the minimum mark required for passing the level 1 exam?

The overall passing grade for the Basic Broker Level 1 Exam will remain 75%. Individuals must obtain a minimum mark of 60% in the Travel section of the level 1 exam to be eligible to sell travel health insurance.

EXAM POLICIES

I failed my exam. How many times can I rewrite my exam?

Candidates are eligible to rewrite within the 8-month period following their first examination per exam provider. Candidates after two failed attempts are subject to an 8-month waiting period following their second failed attempt.

Does the exam fee cover rewrites?

There are no discounted fees that apply for rewrites.  The online examination fee is $250. The in-person fee is $180.

What if I write the equivalency exam and I find out I am not eligible?

Candidates are advised to review RIBO’s website to determine whether they qualify. Any questions can be directed to equivalency@ribo.com

No refunds will be provided to candidates who register an incorrect exam.

How do I remove the “Acting under Supervision Restriction” from my license?

Candidates will need to successfully pass both the Management examination and Technical examination within three years of writing the first exam to remove the “Acting under Supervision Restriction”.

LICENSING

If I pass the level 1 exam, can I sell insurance?

Only licensed individuals are authorised to sell insurance. Upon successful completion of the level 1 exam, individuals are invited to apply for a RIBO license. The application process requires all individuals to submit a valid criminal record check and be at least 18 years of age or older. The Registered Insurance Brokers Act and Regulations further specify minimum qualifications for licensing of individuals.

I passed my exam, how do I apply for a license?

For individuals taking an exam after April 30, 2021, there will be a new licensing application process. Please check our website for updated application instructions [COMING SOON].

How long do I have to register for a license and get employed? 

To be eligible for a license, individuals must become employed with a RIBO licensed firm within one year after successfully completing the examination.

What does the fee include?  Does it include my license fee? The fee charged by the IIO and IBAO covers the cost of proctors, virtual proctors, development and administration of the exam. The license fee is a separate fee that will be charged when you register for a license and have been employed by a RIBO-licensed firm. This license will authorize you to sell insurance in Ontario as a Broker.