FAQs
Does RIBO administer the licensing exam?
The exams are administered by Insurance Brokers Association of Ontario (IBAO) or Insurance Institute of Canada (IIC). Please visit the IIC’s website and IBAO’s website for more information regarding examination schedules and to register for exams
Where can I find study materials for the exams?
Self-study kits are available through the Insurance Institute of Canada(IIC) and Insurance Brokers Association of Ontario (IBAO), as well as other course providers.
What RIBO issued guidelines documents and regulations will help me prepare for the exams?
- The RIB Act, Ontario Regulations 989, 990 and 991 (level 1, equivalency and level 2 exams)
- RIBO By-laws (level 1, equivalency and level 2 exams)
- Principal Broker Handbook (level 1 and level 2 exams)
- Guidelines to Assist in Completing FORM 1 (level 2 exam)
- Form 1 Position Report (level 2 exam)
- Guidelines on Marketing Practices (level 2 exam)
- “C.A.I.B. Volume IV” available from:
I.B.A.O. (Insurance Brokers Association of Ontario)
www.ibao.org (level 2 exam) - “C132 Practical Issues Broker Management” available from:
The Insurance Institute of Ontario
www.insuranceinstitute.ca (level 2 exam)
Please also consult the exam standards for each exam for more details: https://www.ribo.com/examinations/ribo-exam-standards/
How much does it cost to take a RIBO exam?
Please visit the IIC’s website and IBAO’s website for up to date information concerning examination fees.
What does the fee include? Does it include my license fee? The fee charged by the IIC 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.
What dates are available? Where is the exam schedule?
Please visit the IIC’s website and IBAO’s website for more information regarding examination schedules.
How do I reschedule my exam?
Please check the IIC’s website or the IBAO’s website for details on rescheduling.
Can I write in person?
Yes, in-person exams are only available through the Insurance Institute of Canada. Please visit the IIC website for more information regarding in-person exam availability.
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 IIC or the IBAO.
How long will it be before I received my grades?
Online Level 1 examinations are marked electronically, and the grades will be provided to the candidate generally within five (5) business days.
Level 2 examinations will be marked by third-party markers. 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.
If you have written an exam, it is your responsibility to share those results with RIBO as part of applying for your license, or a license upgrade.
Please contact your exam service provider if you have questions about your exam results.
How can I request a remark?
The Level 1 exam and Level 1 equivalency exams are 100 percent multiple choice exams. As such, no remarks are available for the Level 1 exam. For all Level 2 exams, 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. Please contact your examination provider for details on how to appeal your Level 2 exam results.
Other FAQs
Why has RIBO partnered with the Insurance Institute of Ontario (IIC) and Insurance Brokers Association of Ontario (IBAO) for exams?
RIBO has partnered with these organizations In order to create more efficiencies for the exam administration process. Candidates can register for RIBO exams and book examination dates directly with the IBAO or IIC.
I have previously written the level one equivalency exam with the IIC 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.
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.
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.
I passed my exam, how do I apply for a license?
Once you have successfully completed one or more qualifying exams and have obtained a sponsor /employer for your license, please review the Registration Checklist [link: https://www.ribo.com/registration-checklist/] before proceeding to apply for your RIBO license.
EXAM POLICIES
I failed my exam. How many times can I rewrite my exam?
Candidates are allowed 2 failed attempts per exam provider, i.e. 2 attempts to pass the exam conducted by IIC and 2 attempts to pass the exam conducted by IBAO, if they fail all 4 attempts, they must then wait 8 months before they are eligible to take the exam again with either provider.
Does the exam fee cover rewrites?
There are no discounted fees that apply for rewrites.
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 licensing@ribo.com
No refunds will be provided to candidates who register an incorrect exam.
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 and Level 2 exams?
Level 1 Exam: 75% Overall grade, with minimum mark of 60% in the Travel section of the exam to be eligible to sell travel health insurance.
Level 2 Exam: 75% Overall Grade, with minimum 60% in Each Section.
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 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.