Last Updated on November 20, 2024 by Jacques Wong, B.Sc.
There are 2 types of Ontario insurance license: OTL and RIBO. The first thing you want to do is decide which one you want to take. For most new brokers, we recommend the RIBO 1 license because it is much more versatile and the job market is a lot bigger than for OTL. If you want to learn more, we cover the differences between OTL and RIBO elsewhere on our blog.
Other Than Life (OTL)
This license is the one you need if you want to become an Ontario insurance agent. This license lets you work at an insurance company representing only 1 company and selling their products to the public.
Registered Insurance Brokers of Ontario (RIBO)
This is the license you need to become an Ontario insurance broker. A broker is someone who works at a brokerage and can represent multiple insurance companies. This license is generally better for new licensees because there are more brokerage jobs out there than jobs at insurance companies.
There is more room to grow in this role and increased competition also means pay is generally higher as well. So unless you have a specific job offer in mind, the RIBO license is more versatile.
Getting Your Ontario Insurance License
Regardless of which license you decide to go with, there are 3 basic steps:
Step 1) Study the RIBO 1 course or OTL course
Unless you have a very extensive insurance background or are licensed in other Canadian provinces, you’ll need the right study material in order to pass the exam.
Step 2) Pass the RIBO 1 exam or OTL exam
Once you have completed your studies with us and feel confident, you can register for the exam. Exam registration information and details on structure, passing grade, etc. can be found in the Introduction section of your course.
Pro Tip: if you haven’t signed up for the full course yet, that information is available in the Free Trial as well. Our help center is also a great source of free information.
[October 15, 2024 UPDATE: Under the new changes, candidates will have access to a consolidated PDF document containing crucial reference materials during the exam: Level 2 – Technical/Commercial Exam: same as Level 1; Level 2 – Technical Farm Exam: RIBO By-Laws, RIB Act, Ontario Regulations only. You can preview these resources inside your respective courses.]
Step 3) Get a Job
The final step for both licenses after passing the exam is to find a job. Your employer will help you complete the rest of your licensing paperwork.