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 3, 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
You can register for a RIBO exam with the following exam providers:
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.
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)
- “C132 Practical Issues Broker Management” available from:
The Insurance Institute of Ontario
Insurance Brokers Association of Ontario
Insurance Institute of Ontario