ACCREDITED CONTINUING EDUCATION & ONLINE INSURANCE COURSES FOR FUNDAMENTALS OF INSURANCE, CAIB*, RIBO**, ALBERTA GIL & OTHERS

November 20, 2019

Last Updated on August 30, 2022 by

Insurance agents holding an OTL (Other Than Life) license in Ontario and insurance brokers that are licensed in other provinces may be allowed to write the RIBO Equivalency Exam instead of the full RIBO Entry Level 1 exam.

What is on the RIBO Equivalency Exam?

The equivalency exam has 2 main components:

  • Auto Insurance in Ontario
  • RIB Act/By-laws/Regulations

Depending on which license you have and what RIBO decides, you may need to write both or just one. Usually, if you are converting your OTL to a RIBO license, you will only need to write the RIB Act/By-laws/Regulations exam. If you are coming in from another province, RIBO might require you to write both components as there are slight difference in auto insurance rules between provinces.

Luckily, the exams are just 20 questions long. On the downside, you need a 75% to pass so you can only get 5 questions wrong.

What’s on the RIB Act Exam?

To prepare for the RIB Act exam, you should review the RIB Act, By-laws, and Regulations. These are freely available on the Ontario.ca and RIBO.com websites.

There’s a lot of material in the RIB Act/Regulations section but if you can’t go over them all, here are some key points to focus on:

  • Definition, Types & Consequences of Misconduct
  • Errors & Omissions
  • Rebating (don’t do it!)
  • Committees
  • FSCO & OSFI
  • Role of the Broker
  • Principal Broker’s Duties
  • Binding Authority

RIBO Equivalency Exam Course

If you’ve been approved by RIBO to take the equivalency over the full exam, you’ll still need some study materials (click the link to learn more).

Jacques Wong is the CEO and Director of Education at PNC Learning. An award-winning licensed insurance broker with over 15 years of experience in both education and the insurance industry, Jacques is recognized for his expertise and effective communication strategies. He achieved the highest provincial scores on his CAIB* 3 and CAIB* 4 exams and contributes to leading insurance publications. Jacques is dedicated to making insurance knowledge accessible for everyone through his unique approach and online content.

Jacques Wong

 Jacques wong

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