The aspiring insurance broker’s guide to RIBO

RIBO, short for Registered Insurance Brokers of Ontario, is the regulatory body in the province which conducts all the ethical, financial, licensing, and professional competence for independent and general insurance brokers in Ontario. If you want to be a broker, you’ll need to get your hands on your RIBO license, first. 

Obtaining your RIBO may look complicated on paper, but it’s just a matter of preparing for the exam, acing the exam, and sending in your application. If you’re already employed, ask your brokerage for resources to help you pass your exam. If you’re currently looking for employment, check out our top RIBO resources in our preparation section below! 

You cannot be an insurance broker without getting licensed. If you want to be a broker, then you must go through the steps to obtain your license. 

Being an insurance broker is incredibly rewarding. Not only is it a stable career, but independent insurance brokers can work as much or as little as they please! If you work with a brokerage, you get to enjoy the team environment while also managing your own prospects and clients. 

You don’t even need to be a broker to get your RIBO license. If you work in insurance and want to expand your knowledge, having that certification can boost your prospects and greaten your understanding of the industry! 

To become an insurance broker, you’ll need to first meet some eligibility requirements. Some of these are more obvious than others! 

When you find employment with a brokerage or gain a sponsor, they may be able to give you some tips on what is required, what is expected of a broker, etc. Overall, this is what is usually required for an insurance broker: 

You must be at least 18 years of age to apply for a RIBO license, as the applicants must all be legally recognized adults. Furthermore, you must be a legal resident of Ontario or have the right to work in the province (such as being a Canadian citizen or holding a valid work permit.) There’s no post-secondary requirement to complete your RIBO but a high school diploma, or equivalent, is often recommended.  

Certain skills and attributes will be greatly beneficial when it comes to your career as an insurance broker. As brokers are the bridge between insurance companies and clients, it’s important that they be well informed about how to provide good customer service, respond to client inquiries, and maintain a professional demeanor when addressing clients. They should have effective communication skills and attention to detail.  

Again, there’s no formal education required for your RIBO but you will need to pass the RIBO exam to be licensed. There’s plenty of training providers out there that can help you through the process. We’ll get into these resources and more about the exam in the sections below.  

To be RIBO licensed, you must pass your RIBO exam.  

You can register for your RIBO exam through IBAO’s website. There are multiple types of exams, so assuming this is your first time taking the exam, we’d recommend choosing the “RIBO Level 1 – Entry-Level Broker Exam.” Once you’ve passed that, you can check out other exams.  

Preparing for the exam is perhaps one of the biggest parts of getting your RIBO, but it must be done! Some people will say the exam isn’t terribly difficult, but it is technical. Studying well and often is key to your success, and that starts with studying the right material. 

There are plenty of courses and resources available for you to take to prepare your exam, including: 

Once you’ve sufficiently prepared, it’s time to take your RIBO exam. The exam consists of 100 multiple choice questions and you have 3 hours to complete it. Here is how the questions break down: 

There is also 15 piloted questions which do not count towards your final grade. You must have a 75% or answer 75 out of 100 questions correctly to pass.  

If you fail, no problem. You can rewrite your exam within the 8-month period following your first attempt. After two failed attempts, you must wait another 8 months to attempt again.  

Assuming you passed your Level 1 exam, you’re ready to proceed with your license application. In order to apply for your RIBO license, you must have a copy of government issued ID, a copy of insurance broker licenses from other jurisdictions (if applicable), a filled Employee Confirmation Letter (which must be signed by the principal broker at the brokerage where you’re employed), if you’ll have employment in addition to being an insurance broker, and written support from your principal broker. 

If you have ever been subject or are currently subject to legal proceedings, a judgement, or court order, you’ll need to pass along copies of court documents. The same goes for if you’ve ever filed for bankruptcy; you’ll need to have a consumer proposal or plan of arrangement, a copy of your recent Statement of Affairs, and a copy of discharge. 

Once you’ve gotten your license, the world is your oyster. You can explore potential roles in personal lines, commercial, etc. – whatever strikes your fancy. The level 1 is only the first step in becoming a fully fledged broker, however, so you may also wish to consider continuing education credits. Connect with other professionals and prospect clients to build your book of business and investigate resources for upgrading to a full (unrestricted) RIBO license.  

Mitch Insurance’s team is composed of some of the friendliest, most knowledgeable insurance brokers there are. Are you interested in joining our ranks? Check out our careers page and help us move hearts (and mountains) by making insurance lovable for everyone.