RIBO stands for Registered Insurance Brokers of Ontario. It’s a self-regulating body that governs insurance brokers that operate in the province. As a result, they’re responsible for licensing, enforcing codes of conduct and accrediting continuing education courses for insurance brokers in Ontario. But in layman’s terms, what is a RIBO license?
A RIBO license qualifies you to work as an insurance broker in Ontario. There are 3 classes of license with increasing degrees or authority and responsibility.
A RIBO 1 license is the entry-level credential. It’s the first license you need to get if you want to work as an insurance broker in Ontario. To get it, you have to pass the RIBO 1 exam. In this, you’ll mainly learn about personal lines insurance (home, auto, etc.) but you’ll be qualified to sell all types of general insurance. The main restriction is that you have to work under supervision from a licensee who holds a RIBO 2 or higher.
This level is also sometimes called RIBO – Unrestricted Technical. In this, you’ll learn about commercial insurance. Getting your RIBO 2 license lets you to work independently and outside the office but not to start your own brokerage.
RIBO – Unrestricted Management is the last level offered. With this, you can become a principal broker and manage or start your own brokerage. To get this, you have to pass an exam covering mostly the insurance rules of Ontario and different things you need to know to run a successful brokerage or business.
If you’re still confused about the licensing levels in Ontario, let me know and I’ll be happy to help you.