Insurance License in Canada – What You Need to Know

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Becoming a insurance license ontario in your province or territory is a necessary step for anyone looking to get into the business. It is best to contact your provincial insurance regulator for detailed information on licensing requirements. Generally speaking, you will need to pass a Registered Insurance Brokers of Ontario (RIBO) exam and complete a course of study. RIBO has many study options available, including self-directed online courses and in-class seminars at various locations across the province. In addition, you will also need to find an employer willing to sponsor your licence.

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In Manitoba, the Insurance Council of Canada outlines a variety of education options for insurance professionals. Red River College, for example, offers a general insurance certificate program that satisfies the education requirement for obtaining a Level 1 license. This allows the individual to sell every category of insurance except life insurance inside a company office. To move up to a Level 2 licence, the individual will need to complete CAIB 2 and/or other courses offered through the Insurance Institute of Canada.

A Level 1 licence is valid for two years. During that time, the person can only work for one insurer. If the individual wants to work with a different insurer, they will need to obtain a Level 2 licence, which requires additional training and experience. Continuing education credits are required for all individuals who are licensed and working in the industry. A principal broker must earn ten credit hours each year and other licensed individuals must complete eight.

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