Expand each section to see the detailed answers.
Established in 1981, the Registered Insurance Brokers of Ontario (RIBO) is Ontario’s regulator of property and casualty insurance brokers.
RIBO regulates the licensing, professional competence, ethical conduct, and insurance-related financial obligations of over 21,000 licensees in the province.
Our mandate is to protect the public in their interactions with general insurance brokers across Ontario.
Learn more about RIBO.
general
You may hold a Life insurance licence with the Financial Services Regulatory Authority of Ontario. You may also hold insurance licence(s) in other jurisdictions.
However, some licensed professions are and/or may be considered a conflict of interest with a RIBO licence. You must surrender any conflicting licences before applying for a RIBO licence. For example, you would need to surrender a real estate or mortgage broker licence prior in order to qualify for a RIBO licence. Please also see the RIBO Guidance 005 – Sole Occupation Requirement for Individual Licensees if you have another licence.
For more information, email licensing@ribo.com.
licensing
Yes, you can hold a RIBO Level 3 Licence without immediately becoming a Principal Broker, Deputy Principal Broker, or Supervising Broker. However, this licence qualifies you for those positions whenever you choose to pursue them.
Yes, if you are licensed to sell travel insurance now, you will continue to be licensed to sell travel insurance once your licence transitions to the new framework.
Since January 1, 1993, it’s been mandatory for an insurance broker selling Travel Health Insurance to be licensed by RIBO to do so.
At that time, RIBO Council required individuals to obtain a minimum of 60% in the Travel Health section of the Entry Level 1 exam to meet this requirement.
Going forward, there will be no minimum passing mark for this section. This will not change what products brokers are allowed to sell.
RIBO has worked to establish its own qualification standards to allow brokers to sell travel insurance in such circumstances and does not plan to remove these requirements from its competency standards.
RIBO does not regulate the remote work practices of its registered firms but does require all licensees to follow the Code of Conduct and comply with the Act and Regulations.
Individuals are responsible to ensure that their Principal Broker supports a request for remote work before the changes are made within your RIBO profile, within 10 days of any changes. The changes include updating your new home address and providing an Ontario mailing address.
In implementing a hybrid or remote work policy within the brokerage, Principal Brokers should consider how they will manage RIBO supervision requirements given the potential distance involved (including for employees residing outside of the province where the firm’s head office is located). Please note that if you are working remotely or from home, you should review the Cyber Security guidance section of the Principal Broker Handbook.
Your role as a RIBO-licensed broker must be your primary job or employment. If you wish to engage in other work or work part-time, you need to apply for a Secondary Business Exemption. Please also see the RIBO Guidance 005 – Sole Occupation Requirement for Individual Licensees if you have another occupation.
Yes, an active RIBO Level 1 Licence is required before you can apply for a Level 2 Licence. You must also pass the Level 2 Technical/Commercial Exam which may be exempted if you have an approved industry designation.
While RIBO recommends taking the exams in order, you can skip the Level 2 exam and go directly to the Level 3 Management Exam. The results of the exam are valid for three years, allowing time to complete other required qualifications. Keep in mind that you still need to pass the Level 2 Technical/Commercial Exam or receive an exemption from the exam.
You will not be able to apply for your Level 3 Licence until you have qualified and submitted your exemption.
To be eligible for a licence, individuals must become employed with a RIBO-licensed firm within one year after successfully completing the examination.
For name changes, please email licensing@ribo.com a copy of your old and new government-issued identification (e.g. driver’s license, health card, etc.) showing your name change.
You may still be eligible for a RIBO licence with a previous criminal conviction/charge on your record. You may email licensing@ribo.com with details and supporting documents regarding your criminal conviction/charge(s) to confirm eligibility.
RIBO does not require you to submit details regarding parking tickets.
Once you have successfully completed one or more qualifying exams and have obtained a sponsor or employer for your licence, please review the Registration Checklist before proceeding to apply for your RIBO licence. Please note RIBO does not receive any registration applications until both the application and credit card payment have been submitted.
Only licensed individuals are authorized to sell insurance. Upon successful completion of the level 1 exam, individuals are invited to apply for a RIBO licence. 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.
For more details, visit the RIBO Registration Checklist.
If you are joining a new company, please have your employer submit an employment change request through our Employment Changes Form on our website. RIBO can only add individuals when the employers have notified us directly. Once we receive the employment request from your employer, we will have you added to their company.
RIBO’s licensing framework has changed. Effective immediately, RIBO will begin issuing new licences under the new framework, meaning that individuals will receive a Level 1, 2 or 3 licence. This includes all individuals seeking a reinstatement who were previously licensed under the former licensing restriction framework.
All previously issued licences, expiring September 30, 2025, will transition to the new licensing framework prior to the licence renewal period.
Learn more about individual licensing levels.
In RIBO’s early days in 1981, we were given the authority to register A&S-licensed individuals who were “independent” (i.e. that they did not work for an insurance company or agent). We do not have any individuals who are registered under this category of licence.
Over time, the distribution model insurers used for these product lines have evolved, and individuals must be FSRA-licensed to sell A&S products.
The changes will have no impact for individuals who wish to become RIBO-licensed that have an L&H or A&S licence.
Similarly, RIBO-registered brokerages may also be registered to sell those FSRA-licensed products concurrently.
Refunds create unnecessary complexity and result in brokers being unfairly suspended (Administrative Suspension) when firms revoke their payments. Any reimbursements (most commonly as a result of a broker leaving their firm) are best left between the individual and their employer. For this reason, there will be no refunds on renewal fees or bulk payments.
renewals-and-iris
Since the renewal deadline is August 31, 2026 at 11:59 p.m. ET (with a RIBO notice period until September 30, 2026 at 11:59 p.m. ET) and registration must be completed by August 31, 2026, there is a possibility that you may not have completed your Continuing Education requirements at the time of renewal.
You will be required to attest that you understand that you must meet the Continuing Education requirements. Failure to comply and/or falsifying your renewal questions may result in disciplinary action against you up to or including an Administrative Suspension of your licence.
Yes, you will need to enable pop ups in your internet browser during the renewal payment process. If you have a pop-up blocker, you should disable it. To learn how to enable pop ups in your specific internet browser and for your operating system, you can find instructions by Googling ‘how to enable pop ups.’
If the brokerage is continuing to sponsor the individual’s licence, the individual would still be required to complete the online renewal/payment no later than August 31 of each year. Continuing Education (CE) hours are required for all individuals (including on Maternity Leave).
If an individual is unable to or cannot complete hours due to illness while on long-term disability (at renewal time), please have the Principal Broker include confirmation that they support the request to waive CE requirement for that term with the above confirmation that they will continue to support the licence while the individual is on long-term disability.
The renewal process involves responding to and submitting the Renewal Questions and paying the annual licence fee. Your renewal will be successfully completed only when both the payment has been received and your Renewal Questions have been submitted.
If you are currently registered with a firm that has opted in for bulk payments and is paying for you, you will be required to submit the renewal form only.
All bulk payments must be made by July 27, 2026 at 11:59 p.m. ET.
By the time an individual broker gains access to IRIS on August 3, 2026, your payment will either be paid or not paid:
Paid
Not Paid
You should report your most recent fiscal year-end figures for the 2025-2026 renewal period.
RIBO gathers information on brokerage compensation in the form of commissions and other incentives to better understand industry trends.
Historically, we collected this information in tandem with Position Reports filings.
We are currently collecting this information annually during renewals in IRIS, our broker management system.
To print your licence, brokers and brokerages can download a copy of their licence by going to the ‘Broker’ tile or ‘Brokerage’ tile.
Click the ‘Email Licence’ button located in the lower-left area of the screen.
Newly-renewed licences will be available for download starting on October 1.
Before printing, please ensure that your email and mailing address are selected as ‘Primary Contact’ under your IRIS profile. The “Email Licence” button may be greyed out otherwise.
Before August 3, 2026, you can check with your firm’s Principal Broker to confirm if they are paying for your licence renewal.
From August 3 to September 30, 2026, when you log into IRIS, you will be able to see your payment status. A red circle in the payment status indicates that you still need to pay and that your firm’s Principal Broker has not paid and will not be paying for your licence renewal fee.
If your firm is paying for your licence renewal as part of the bulk payment, it does not include the renewal fee for your non-active firm licence if you have one. You will need to pay for renewal for the non-active firm licence separately.
Learn how to log into IRIS by following the information on our webpage that includes a Quick Start Guide, Launch Guide, video tutorials and more.
IRIS does not use a traditional username and password login approach. Instead, it relies on you having access to the email account you have registered with RIBO when resetting your password or having a code re-sent to you.
If the email address you have on file with RIBO is associated with a Microsoft Account (e.g. your work account):
If the email address you have on file is not associated with a Microsoft Account:
When you have finished answering all your renewal questions in IRIS, the background colour for all the questions should change from red to green. If the background colour for any question remains red, check that you have answered it. You may need to click to proceed to the next question before it turns from red to green.
If you are unable to locate your IRIS invitation, please check your ‘Junk’ inbox before completing and submitting a request form.
If you are experiencing issues logging into IRIS, please consult our IRIS Login Guide. It covers several scenarios you may face and their solutions.
If you are unable to view or submit your renewal questions in IRIS, there is a possible solution we recommend you try.
It could be that your browser language has been set to French. Changing the language in your browser may help. Please download and follow these step-by-step instructions for changing the language in your browser.
As a licensee with a non-active firm, you must complete two renewals. One renewal is for your individual licence, and the second is for your non-active firm.
Please refer to the Application & License Fees webpage. There are no refunds on renewal fees or bulk payments.
Any broker’s licence that is not renewed by September 30, 2026 at 11:59 pm ET will result in immediate Administrative Suspension. If this occurs, the suspended person must immediately stop acting as an insurance broker. To restore the licence, you will need to apply for reinstatement and pay the associated fees. Please email licensing@ribo.com for reinstatement requirements before proceeding with the reinstatement application.
Any broker whose licence is not renewed by September 30, 2026 at 11:59 pm ET will have their licence immediately suspended (Administrative Suspension). This person must immediately stop acting as an insurance broker. To restore your licence, you will need to apply for reinstatement and pay the associated fees.
If the individual is unable to or cannot complete Continuing Education (CE) hours due to illness while on long-term disability (at renewal time), please have the Principal Broker include confirmation that they support the request to waive CE requirements for the term with the above confirmation that they will continue to support the licence while the individual is on long-term disability.
If you are retiring or leaving the insurance industry and no longer require a RIBO licence, you do not need to complete the renewal process. Please email your confirmation of resignation (effective September 30, 2026) to licensing@ribo.com.
By failing to resign or renew, your licensing status will automatically be suspended (Administrative Suspension) as of September 30, 2026 at 11:59 pm ET, and penalties will apply.
If you have a non-active firm, please also provide confirmation that the non-active firm also should be suspended.
You can hold an inactive licence for up to one year (12 months), if you are not working anywhere, including outside the industry. At the end of the one-year inactive period, or if you have gained employment that does not require a RIBO licence, you will be required to resign the licence. You must have completed the online renewal/payment prior to September 30, 2026 at 11:59 pm ET (which includes the 30-day notice period), and you must have completed your Continuing Education hour requirements to remain inactive for up to the one-year period.
At the end of the one-year inactive period, you will be required to resign the licence. This will give you a period of two years to reinstate without having to rewrite the exam.
If you do not resign at the end of the one-year inactive period, your licence status will automatically be suspended (Administrative Suspension), and penalties will apply.
Payment must be made online by credit card or Electronic Funds Transfer (EFT).
We accept Mastercard, Visa and American Express.
Help keep membership fees low by paying via EFT instead of by credit card. Email finance@ribo.com for details.
From July 2 to July 27, 2026, Principal Brokers can access the renewal portion of IRIS, which allows them to renew their firm, renew their own individual licence, and then optionally pay for all the brokers in their firm as a bulk payment.
From August 3 to August 31, 2026, all individual brokers can access the renewal portion of IRIS to see if their licence has been paid for through bulk payment. If it has not been paid through bulk payment, they will be required to pay for their own licence renewal.
All licensees who obtained their licence before July 1, 2026 are required to complete their 2026-2027 licence year renewals by August 31, 2026.
RIBO offers a 30-day notice period until September 30, 2026.
Any broker who has not completed their renewal by August 31, 2026 at 11:59 pm ET will receive a 30-day notice indicating that they will be suspended (Administrative Suspension), if they do not complete their renewal questions and payment by September 30, 2026 at 11:59 pm ET.
Principal Brokers can log into IRIS to see a live, up-to-date list of all the brokers who are registered with their firm. There, you will have the ability to email a copy of this list to yourself in an Excel spreadsheet.
We are sorry to hear that you are unable to find the answer to your question. Given the large number of Ontario brokers who are all renewing their licences over a short period of time, we typically experience higher than usual volumes of help requests. We are happy to assist you and aim to respond to support requests within one business day. Our business hours are Monday to Friday, 8:30 am – 4:30 pm ET.
We appreciate you reviewing the information on this page, the Renewing Your Licence webpage and the Renewing Your Firm Licence webpage for the answer prior to reaching out to us, as it is often the fastest way to get the information you need.
If you are still unable to find the answer to your question, please send your inquiry to support@ribo.com.
We kindly ask that you:
If you have an issue with the speed or quality of support or you have a suggestion on how we can improve, please contact info@ribo.com.
You can preview the firm renewal questions on our Renewing Your Firm Licence webpage.
You can preview the individual renewal questions on our Renewing Your Licence webpage.
Click on the thumbnail below to view our Individual Broker’s Renewal Guide video showing brokers how to renew their own licence, complete their payment and check their renewal status.
The video will open a separate window. You will need to click on the next screen to watch the video.
Video Chapter Guide
Click on the thumbnail below to go to our Principal Broker’s Renewal Guide video showing Principal Brokers how to renew their firm, renew their own licence, complete bulk payments for brokers in their firm and check the renewal status for each broker in their firm.
The video will open in a separate window. You will need to click on the next screen to watch the video.
On June 4, 2024, we held a Principal Broker Town Hall to provide license renewal information and to answer questions. Click the link to view the recording.
The deadline for an individual or firm to renew their licence is September 30, 2026 at 11:59 pm ET. After that, you will need to complete a full reinstatement application.
Certain designations, such as CAIB or CIP, may qualify you for an exam exemption. Visit the RIBO Equivalency Page to check your eligibility for exemptions.
education-and-exam
No, but certain insurance designations may qualify you for the Level 3 – Accelerated Management (AME). Visit the RIBO Equivalency webpage to check if you qualify.
Yes, candidates are allowed two attempts with each exam provider (IBAO and IIC). If all four attempts are unsuccessful, you must wait 8 months before reapplying.
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.
Yes, all brokers with a RIBO Level 1, Level 2, or Level 3 License must complete their CE requirements annually. It is the responsibility of each broker to ensure they meet their own CE obligations to maintain their licence and maintain their own CE records.
However, Principal Brokers are also responsible for ensuring that all brokers under their supervision (whether they hold a Level 1 or Level 2 License) are complying with their CE requirements. This dual responsibility ensures that the brokerage remains in full compliance with RIBO regulations.
While RIBO recommends taking the exams in order, you can skip the Level 2 exam and go directly to the Level 3 Management Exam. The results of the exam are valid for three years, allowing time to complete other required qualifications. Keep in mind that you will not be able to apply for your Level 3 Licence until you qualified and submitted your exemption.
No, the exams are administered by the Insurance Brokers Association of Ontario (IBAO) or the Insurance Institute of Canada (IIC). For issues related to registration, rescheduling, accommodations, or technical problems, please contact your exam provider directly.
The exams are administered by Insurance Brokers Association of Ontario (IBAO) or Insurance Institute of Canada (IIC).
Please visit the IIC website and IBAO website for more information regarding examination schedules and to register for exams.
There are no discounted fees that apply for rewrites.
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.
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.
Please check the IIC website or the IBAO website for details on rescheduling.
Online Level 1 examinations are marked electronically, and the grades will be provided to the candidate generally within five 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 licence, or a licence upgrade.
Please contact your exam service provider if you have questions about your exam results.
Please visit the IIC website and IBAO website for up to date information concerning examination fees.
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.
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.
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.
Once you have successfully completed one or more qualifying exams and have obtained a sponsor or employer for your licence, please review the Registration Checklist before proceeding to apply for your RIBO licence.
Licensing Structure Changes & New By-Laws FAQs (from www.ribo.com/licensing-changes-faqs-new-by-laws-faqs/)
On April 9, 2024, at the Special Members’ Meeting, RIBO members voted in favour of a resolution to adopt three new by-laws, which replace the existing ones.
To help you navigate through the new by-laws and licensing structure changes, please carefully read the below questions and answers.
If you still have questions or need more information, please contact licensing@ribo.com, and our dedicated team will be happy to assist.
It is not a permanent change. As of January 1, 2024, Exams will be 100 Multiple Choice Questions with the inclusion of 15 additional Pilot Questions (115 Questions in total). The Pilot Questions will not be counted towards your final mark and are included to help in the development of future versions of the Level 1 Exam. The inclusion of the Pilot Questions may be subject to change depending on the current status of our Piloting phase. For the most current information regarding the total number of exam questions, please refer to your Exam Provider.
Please visit the IIC website and IBAO website for more information regarding examination schedules.
The fee charged by the IIC and IBAO covers the cost of proctors, virtual proctors, development and administration of the exam. The licence fee is a separate fee that will be charged when you register for a licence and have been employed by a RIBO-licensed firm. This licence will authorize you to sell insurance in Ontario as a Broker.
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.
The Level 3 Management Exam consists of three sections:
While the Accelerated Management Exam consists of only two sections:
Level 1 Exam: 75% Overall Grade
Level 2 Exam: 75% Overall Grade, with minimum 60% in Each Section.
www.insuranceinstitute.ca (level 2 exam)
Please also consult the RIBO Exam Standards for each exam for more details.
Though the AME does not include questions regarding Brokerage Administration and Finance, the following Brokerage Management course texts are recommended as exam preparation or self-study materials for this exam:
Additional self study materials are available for download in the broker resources section of the website:
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.
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).
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.
RIBO Level 1 and all RIBO auto equivalency candidates will be able to access policy wordings their online or paper-based exam.
Yes, registration is available for individuals and/or for organizations that want to purchase access for a group of participants. Organizations can register up to 30 people at a time by providing each participant’s first and last names along with their email address. Each participant will then receive a prepaid code they can use to complete their course registration and access the course.
ribo-course
No, each RIBO Education Portal account should only be accessed by one individual. This ensures participants receive an individualized learning path and can earn their own certificate of completion at the end.
No, the education platform is separate from IRIS. You will need to create a new account specifically for RIBO’s Education Portal.
Each purchase includes 12 months’ access to the course from the purchase date.
The course takes approximately two hours. You can learn at your own pace and save your progress.
RIBO’s Guide to Spot Check course is intended for educational purposes only. It provides guidance on the Spot Check process and helps you prepare if you are selected for an audit. However, each case is unique and may involve circumstances not covered in the course.
Brokers should treat the content as a guide rather than a substitute for case-specific requirements. When in doubt, confirm expectations directly with the auditor assigned to your Spot Check case or by emailing compliance@ribo.com.
Yes, the course is accredited by RIBO for two Continuing Education (CE) hours in the Management category.
The course is not currently mandatory. RIBO may consider requiring certain courses to be completed as part of ongoing professional development or pre–licensure education. In some instances, completing RIBO–related courses may also be required as part of fulfilling certain licence conditions or as a result of a disciplinary decision.
The e-Learning course is self-paced and asynchronous. You do not need to attend live sessions. You can start, pause, and resume as your schedule allows for maximum convenience and flexibility.
Aside from the initial launch of RIBO’s Guide to Spot Checks course in October 2025, additional potential topics include the Code of Conduct, licensing levels, complaints process, and Position Report filing.
Payment can be made online by credit card or other standard electronic methods supported directly through RIBO’s Education Portal registration system. We accept Debit card, Visa, Mastercard, American Express, Apple Pay, and Google Pay.
It is a new course designed to deliver online learning directly to brokers. The first course, RIBO’s Guide to Spot Checks, launched in October 2025.
The course registration fee is $50 (non-refundable).
You can take the course any time as part of your professional development and growth. It is especially important to complete it before going through a Spot Check, if your brokerage have been selected for one.
We also recommend taking the course once every term, since the content will be updated and refined regularly. Doing this ensures you stay current and gives you a useful refresher on the material.
The course is hosted on RIBO’s Education Portal.
For inquiries and/or feedback on RIBO’s Education Portal and RIBO courses, please email education@ribo.com.
The course was designed primarily to educate Principal Brokers and Deputy Principal Brokers. It also is valuable for brokerage staff (Office Managers, Compliance Officers, accountants), education providers, and new or prospective Principal Brokers.
Courses are designed to stay current with regulatory requirements. Content will be updated and refined regularly, and those updates require investment. The 12-month access period ensures that learners are always engaging with accurate, up-to-date materials.
Yes, participants who successfully complete the course will automatically be issued a certificate of completion by the system. If you do not receive it, that means there is an incomplete module or component in the course that still needs to be finished before the certificate can be issued.
The launch of RIBO’s Guide to Spot Checks course is a pilot for one year starting October 2025. Broker and stakeholder feedback will determine whether we continue developing new courses, what topics to cover, and how the learning experience should evolve.
Below are some of the changes as a result of the new by-laws:
By-Law No. 1
The quorum for special meetings and annual general meetings has increased from six to 25. Also, Council members can serve for a maximum of two three-year terms.
By-Law No. 2
The election process has been updated. The Governance and Nominating Committee will now have the primary responsibility to solicit nominations, review and assess candidates against the qualification requirements and needs of the Council, and recommend to Council a slate of candidates to stand for election as directors.
By-Law No. 3
legislation-by-laws-and-regulations
Licensees are now required to notify RIBO within 10 days of any change to their license status.
This is shortened from 30 days, which was put in place at a time when printing, posting, mailing, and receiving documents was the norm instead of the fast delivery of email. In addition, this 10-day timeframe aligns with the practice of other regulators.
Some examples of changes that should be reported include:
Please see below for information about the new by-laws:
As a not-for-profit corporation, RIBO was required to transition its structure from the Corporations Act to Ontario’s Not-for-Profit Corporations Act, 2010, by October 19, 2024.
RIBO Council undertook a review of its by-laws and identified several areas that required updates to existing by-laws to ensure RIBO is compliant with the legislation. Council also identified other opportunities to update the by-laws to modernize and improve them to recognize RIBO’s unique nature as a self-regulatory organization.
‘Membership’ is a term that is commonly used in the not-for-profit world. It is used in our legislation as well as the legislation of other self-regulatory organizations. The term ‘member’ can be confusing. e.g. member of Council, member of the Corporation or brokerage member or individual member. It’s used to describe members of the Corporation for the purposes of voting and governance in the Act.
RIBO opted to refer to licensees in the new by-laws to make the by-laws easier to understand. The term ‘licensee’ is defined in the by-laws specifically to refer to a member of the Corporation, so the terms can be used interchangeably. It’s our position that using the term ‘licensee’ instead of ‘member’ reflects a more modern way of speaking about regulated entities.
Disclosure should initially be made verbally (or in writing) before providing a recommendation or no later than at the time of quote.
Provide confirmation to your clients of all discussions, including information about mandatory disclosures as soon as possible after binding.
It is not a requirement to obtain a signed acknowledgement that your client received and read all disclosure documentation prior to binding. For every transaction, keep a record of all correspondence, including verbal discussions with your clients.
guidance
No. Since October 1, 2024, the disclosure guidance applies to only new business transactions.
In these new business transactions, you must disclose to clients any changes in fees, commissions, financial interests or other disclosures that may apply that were not initially present or disclosed when the original policy was issued.
If updates have occurred, such as changes to your Commissions or insurer contracts for example, consider ways to communicate this to your client, including at the next renewal or as part of any mid-term changes.
Doing so, ensures transparency throughout the duration of the broker-client relationship and guarantees that clients are always informed of any material changes that could affect their policy and choice of insurer.
You must disclose the commission received from MGAs when preparing the Broker Compensation letter or statement. This information may be pertinent to a client’s decision about whether to purchase or renew a policy.
The purpose of disclosure is to help clients make informed decisions. It is meant to promote transparency.
You have a duty to ensure that clients are aware of the products they are purchasing, including the markets you represent and the commissions you receive.
You are expected to comply with mandatory disclosure requirements. Example scripts and scenarios are not meant to be copied exactly.
It is up to the broker or brokerage to implement a solution that meets their clients’ needs while adhering to the Code of Conduct and the Registered Insurance Brokers Act.
Although a separately established business, brokers and brokerages involved in the financing business are still subject to the requirements outlined in the RIB Act and Regulations, including the RIBO Code of Conduct. Clients must be advised of available alternatives, including low cost or no cost premium payment plans, which may be offered by insurers for the class of business involved. The availability of insurance through the brokerage must not be made contingent upon the client agreeing to use the brokerage’s premium financing terms. The cost of borrowing and service charges must be clearly stated, as required by the Ontario Consumer Protection Act, 2002.
It depends. Any new transaction or recommendation involving new conflicts or potential conflicts requires disclosure.
In this example, if the client already received a copy of your disclosure letter or statement, you could provide an additional copy of the information as a courtesy to your client.
Yes. You must maintain comprehensive records of all client interactions, including any disclosures made at the time of quoting. This is part of your duty to ensure transparency and compliance.
Even if a sale is not completed or coverage is not bound, maintaining records of the disclosure provided ensures that you can demonstrate adherence to the mandatory disclosure requirements during potential audits or compliance checks. If requested, these records must also be provided to RIBO.
Yes. All commission structures must be disclosed under the Commission Disclosure Protocol including contingent profit commissions (CPCs), book-rolls, overrides, and any commissions from premium financing. The client should know if a broker may receive such commissions in the future (even if its not guaranteed). See RIBO Guidance: Mandatory Disclosures and the Commissions Disclosure Protocol found in the Code of Conduct Handbook for more information.
RIBO’s Mandatory Disclosures Guidance and subsequent communications provide licensees with clarification on what needs to be disclosed and disclosure timing. See our webpage for examples of communication strategies for your brokerage.
A standard email template, providing links to the appropriate disclosures on the brokerage website would be sufficient, as long as you:
RIBO provided the above as examples of how a brokerage or broker can direct the client’s attention to the disclosures. You are expected to make your own judgement and consider clients’ needs to determine which communication method works best. If asked, you should be prepared to answer clients’ questions about the information that was disclosed.
For more information, refer to the RIBO Code of Conduct Handbook.
No. The disclosure requirement applies to all licensees/brokerages, regardless of whether they are owned by insurers, financial institutions, private equity firms, etc. Any conflict or potential conflict of interest due to third-party ownership must be disclosed.
At the minimum, disclosure concerning compensation and commissions, and the CISRO Principles of Conduct for Insurance Intermediaries and the Fact Sheet About Your Registered Insurance Broker should be provided. For more information about the requirement to share these documents, see the RIBO Guidance 003: CISRO Conduct Guidance.
No. The percentage does not need to be disclosed and there is no minimum or material percentage of third-party ownership that triggers the need to disclose ownership. However, any third-party ownership or financial links that could be considered a conflict of interest should be disclosed. This includes any direct or indirect ownership interest by an insurer or financial conglomerate, private equity firm or holding company; and, any loan, credit facility or other financial relationship.
A short explanation of the requirement to provide disclosure along with a link to additional details on a webpage can suffice when sharing information in writing before quoting. Any follow-ups in writing, could include attaching actual PDF copies of the disclosure letter and other required documents and information would be an example best practice, but not an explicit requirement.
To ensure your approach complies with the requirements:
All information relevant to the insurance transaction must be disclosed verbally to ensure that the client can make an informed decision before purchasing.
Where binding takes place over the phone, before deciding to make a purchase, your client must be given an option to review and consider information about conflicts or potential conflicts of interest, or any other disclosure that may apply.
Consider using an automated message or directing clients to your brokerage’s website or email, where the information can be reviewed in detail.
You must provide written confirmation of discussions, including mandatory disclosure confirmation, as soon as possible when you deliver the policy or electronic proof of insurance documents.
MGAs that are RIBO-licensed on a voluntary basis have elected to comply with RIBO’s regulatory framework including, but not limited to, the Code of Conduct and related guidance.
While MGAs do not deal directly with insureds, MGAs are required under the Code of Conduct to disclose conflict of interest and fees to the broker.
Communicating relevant information to licensees, which form the MGA’s client base, helps ensure transparency, especially about matters that may influence the broker’s recommendations to their client, such as fees and commissions information.
MGAs would not be required to provide copies of the Fact Sheet About Your Insurance Broker or CISRO Code of Conduct for Insurance Intermediaries documents to their broker clients, as these are designed for insureds only.
However, MGAs are still required to disclose information about direct or potential conflicts of interest such as ownership information, commission structure information and fees. MGAs can follow the Commission Disclosure Protocol found in the Code of Conduct Handbook and adopt it for their own use.
Provide a physical copy. The disclosure must still be provided in writing, even if it means providing a physical copy to the client. As soon as possible after binding, provide written confirmation to your client of the transaction and relevant discussions, including information about mandatory disclosures.
Yes. Disclosure is required for any client purchasing insurance in Ontario, regardless of their location. The key is the location of the insurance risk, which makes disclosure mandatory under Ontario regulations.
You must continue to maintain written records of verbal or email communications with every client, including explicitly disclosing conflicts of interest in writing.
We encourage you to review the disclosures with clients and distribute the disclosures in ways you feel are most effective.
RIBO does not recommend any one method of directing the client’s attention to the disclosures, as each firm has unique workflows. However, one way of meeting this requirement would be to provide the disclosure document(s) via a link to a webpage and specifically drawing the client’s attention to it. When doing so, you should also highlight the type of information that may be found in the disclosure document(s).
If asked, be prepared to answer clients’ questions about the information that was disclosed.
Disclosure of conflicts and potential conflicts of interest including ownership by third parties and disclosure of commissions has been a long-standing requirement. Similarly, it’s been a requirement to share copies of the CISRO Principles of Conduct for Insurance Intermediaries and the Fact Sheet About Your Registered Insurance Broker documents.
The Guidance clarifies when the mandatory disclosures must be provided to clients. The Code of Conduct Handbook has also been updated to reflect these changes.
Written proof is required. While initial verbal disclosures are allowed, written confirmation of the disclosure must follow as soon as possible after binding and delivery of electronic proof of insurance documents.
The new guidance clarifies that in addition to sharing information about the commission ranges your brokerage receives, and informing clients about all other conflicts or potential conflicts of interest, you should also be providing them with copies of the CISRO Principles of Conduct for Insurance Intermediaries and the Fact Sheet About Your Registered Insurance Broker documents. Both documents provide customers with information about your duty to act in their best interest and about consumer protections in place.
The CISRO Principles of Conduct for Insurance Intermediaries document must be clearly identified and branded as a CISRO document, as it is not produced by RIBO.
The Fact Sheet About Your Insurance Broker that was created by RIBO may be branded by your company and/or reproduced in another format, if the content and wording remain unchanged.
Up to five types of disclosures (in writing) should be made and provided to your customers in writing:
Examples include, but are not limited to, the following: single market program or limited market capacity; whether the firm offers its own premium financing or if it’s affiliated with the company financing the client’s premiums; receiving or paying referral fees, charging service fees, etc.
The quote is the broker’s formal recommendation of one or more policies/coverages that includes price, which may or may not be accepted by the client. RIBO expects brokers to communicate all disclosure requirements, conflicts of interest or potential conflicts of interest before or no later than the time at which a recommendation or quote is made.
Before you provide a prospective client with an estimated premium or coverage details based on client information and before your client agrees to make the purchase, you must communicate all disclosure requirements, conflicts of interest or potential conflicts of interest.
Even if most of the business was conducted over the phone, the mandatory disclosure requirement does not change. You are still required to provide mandatory disclosure no later than at the time of quote. You must also follow up all verbal disclosures and communications with written confirmation as soon as possible after binding. This ensures that written records of communications with clients are maintained in your client files. A client must be specifically drawn to the disclosure documents.
The Commission Disclosure statement (formerly called the Point-of-Sale Commissions Protocol) outlines the commission class and range for the insurance class provided (e.g. personal lines auto and property, commercial lines), along with an explanation of what basis contingent profit commissions may be earned or paid. You should also disclose which insurers pay Contingent Profit Commissions (CPCs) in your statement.
Disclosure must be in writing and provided to the client no later than the time of quote. As per the Code of Conduct Handbook, a Commission Disclosure letter can be provided to your client directly, which lists the compensation ranges. Many brokerages post the letter on their website, where it can be updated easily.
You must also bring any subsequent increase to the commission schedule or material change to the brokerage compensation arrangement to your client’s attention. (This could be an email link to a webpage that you draw your client’s attention to.) When doing this, highlight the information that can be found in the disclosure document(s).
Disclosures are mandatory. Even if the client does not wish to receive them, you must provide them to comply with RIBO regulations.
In this case, you must give your client an option to review and consider information about conflicts of interest before they decide to make a purchase. An example of this is directing them to the broker’s website or email where the information can be reviewed in detail if the client wishes to.
You must provide written confirmation of discussions, including confirmation of all mandatory disclosures as soon as possible when you deliver the policy or electronic proof of insurance documents.
It depends. If any new conflicts or changes arise, the disclosure must be provided again. For example, this could include payments or any additional compensation a brokerage receives for remarketing a book of business. A broker’s duty to disclose new conflicts could also arise if an insurer purchased the brokerage mid-year.
If your existing clients have not yet been provided with all mandatory disclosures, renewal time can be a convenient time for you to contact your client and provide them with the information.
Yes, you can find examples on our Providing Mandatory Disclosure webpage and consult sample procedures for verbal binding.
compliance
Yes. It is critical to disclose commissions clearly and in accordance with the Mandatory Disclosure Guidelines. Clients are entitled to know how brokers are compensated. This helps to avoid any misunderstandings and build trust.
RIBO will continue to monitor for compliance with mandatory disclosure requirements during its Spot Check program. It is important to ensure that licensees meet these standards and maintain transparency with clients.
Licensees should maintain records of communications with clients in their client files to demonstrate compliance with all disclosure requirements. Records include, but are not limited to, phone call recordings and broker notes, which should be included in the client file whether electronic or paper-based.
RIBO encourages its licensees to have written internal policies and training documents about mandatory disclosure requirements and conflict of interest management (electronic or otherwise). Employees should have easy access to these resources to assist them in identifying when disclosure is required and how to effectively communicate disclosure to clients.
If you have concerns about whether a licensee followed the mandatory disclosure guidelines or any other concerns, we encourage you to complete a complaint form.
If a licensee provides disclosure in an unclear way to a client, for example, by including it in a package of numerous documents that could easily be missed by the client, and not drawing it to the client’s attention, RIBO will consider that broker to have not complied with the disclosure requirements.
It is important for clients to understand the information and advice that brokers provide, so they can make informed insurance purchasing decisions. There is no requirement for licensees to obtain written confirmation from clients that they received and read the disclosure. However, if the process already requires signoffs, a signed acknowledgement is the best practice to add to the process.
If an auditor receives information during a Spot Check suggesting that a brokerage may not be following the mandatory disclosure guidelines, the auditor will review the information and circumstances to determine the appropriate regulatory response. Depending on the circumstances, some matters may be transferred to the Investigations Department for investigation.