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 and are otherwise “qualified” will be sent an Employment Letter Form attached to their passing letter. This form must be completed and signed by the Principal Broker of the brokerage and returned to RIBO with the required registration fee.
The annual registration fee (currently $180.00 and subject to change without notice) covers the period from October 1st to September 30th. New registrations processed during the months of July, August and September are required to pay 50% of the current annual registration fee plus the full annual renewal fee (thus total fees required is currently $270.00). The certificate of registration will expire September 30th of the following year. Otherwise no reduction is allowed for part of a year. Fees are not refundable in whole or in part.
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.
Individuals who have passed the examination but who have not registered and not received their certificate of registration CANNOT hold themself out as or act in the capacity of a broker. Acting as a broker without a certificate of registration will result in your file being reviewed by the Qualification and Registration Committee and may jeopardize your eligibility for licensing.