RIBO Level 2 – Unrestricted Management

EXAM LENGTH EXAM FORMAT PASSING GRADE ELIGIBILITY TO WRITE THE EXAM
3 Hours Section 1: RIB Act + Regulations

(20 Multiple Choice)

Section 2: Administration + Finance

(85 Narrative Marks)

Section 3: RIBO Form 1 Financial Statement

(15 Narrative Marks)

75% Overall Grade

60% in Each Section

Failure to obtain the passing grade in Section 1 or 2, provided 75% was obtained overall requires a rewrite of only the failed section. Otherwise, all three sections must be rewritten.

Active RIBO 1 License

2 Years Work Experience

Out-of-Province licensed insurance brokers*

 

 

Successful completion of both the “Unrestricted – Management” examination and the “Unrestricted – Technical Only” examination qualifies an individual to the “Unrestricted” registration and therefore eligible to act as the Principal Broker of a broker business. However, individuals who hold an “Unrestricted” registration will still be under the direction of the Principal Broker of the firm they are employed by.

To make application to write the “Unrestricted – Management” examination, an individual must hold a RIBO registration restricted to “Acting Under Supervision” or “Unrestricted – Technical Only” and have been actively employed for at least two (2) years with a RIBO registered firm.

Successful completion of only the “Unrestricted – Management” examination will not remove the restriction of “Acting Under Supervision”. It is suggested that all those planning to write the examination carefully review the Standards for Management Skills.

 

Upon completion of the RIBO exam, results will be provided to you by your exam service provider once they are available.  Please do not contact RIBO for your exam results.

HOW TO APPLY TO WRITE THE EXAMINATION

RIBO is no longer handling exam applications.

To apply for an in-person exam please contact the Insurance Brokers Association of Ontario

To apply for an online exam please contact the Insurance Institute of Canada

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.

 

SELF-STUDY RESOURCES

Individuals who prefer to study on their own may find the following resources useful:

  • The RIB Act, Ontario Regulations 989, 990 and 991, RIBO By-laws
  • Financial Management Supplement
  • PB Handbook
  • Guidelines to Assist in Completing FORM 1
  • Form 1 Position Report
  • Guidelines on Marketing Practices
  • “C.A.I.B. Volume IV” available from:
    I.B.A.O. (Insurance Brokers Association of Ontario)
    www.ibao.org
  • “C132 Practical Issues Broker Management” available from:
    The Insurance Institute of Ontario
    www.insuranceinstitute.ca

Exam Standards

RIBO Exam Standards

Insurance Brokers Association of Ontario

www.ibao.org

IBAO Management Course

Insurance Institute of Ontario

www.insuranceinstitute.ca

IIO Management Course

Sample Case Study Examination Question

Question:

Three (3) budgets a broker should develop are:

  • Income or Sales Budget
  • Expense Budget
  • Cash Budget

Briefly describe each one and its purpose. (9 marks)

Analyze the Question:

  • There are three (3) types of budgets listed.
  • A brief description of each type of budget and its purpose is required.
  • The mark value is 9 so each type of budget is worth 3 marks.

An appropriate Answer:

  • Income or Sales Budget - details anticipated income receivable from all sources for the planning period (usually one year) with monthly breakdown. It tells the broker what his/her income is likely to be.
  • Expense Budget - details the anticipated expenses during planning period. It tells the broker what his/her expenses are likely to be so that he/she can compare them to income to ensure a positive result.
  • Cash Budget - details anticipated cash available at each month end to cover expenses. If expenses in a particular month will exceed income, then additional monies will have to be found to cover the shortfall. This budget is the leading indicator to the broker that he/she could be in a negative position later in the year unless remedial action is taken.

Self-Study Resources

Individuals who prefer to study on their own may find the following resources useful:

  • The RIB Act, Ontario Regulations 989, 990 and 991, RIBO By-laws
  • Financial Management Supplement
  • PB Handbook
  • Guidelines to Assist in Completing FORM 1
  • Form 1 Position Report
  • Guidelines on Marketing Practices
  • "C.A.I.B. Volume IV" available from:
    I.B.A.O. (Insurance Brokers Association of Ontario)
    1 Eglinton Avenue East, Suite 700
    Toronto, Ontario M4P 3A1
    Telephone: (416) 488-7422 / 1-800-268-8845
    Fax: (416) 488-7526
    www.ibao.org
  • "C132 Practical Issues Broker Management" available from:
    The Insurance Institute of Ontario
    18 King Street East, 16th Floor
    Toronto, Ontario M5C 1C4
    Telephone: (416) 362-8586
    Fax: (416) 362-1126
    www.insuranceinstitute.ca