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April 29, 2024

Last Updated on April 30, 2024 by Jacques Wong, B.Sc.

The Regulatory Authority (RIBO) is committed to maintaining industry standards and protecting consumers. By-Law No. 3 outlines how they achieve this by regulating the real estate industry and defining the rights and responsibilities of licensed brokers. Here’s a breakdown of the key updates:

Streamlined Licensing Framework

By-Law No. 3 introduces a new licensing framework with three levels (Level 1, Level 2, and Level 3) rather than the old system of Entry Level, Unrestricted – Technical, and Unrestricted – Management. This categorizes brokers based on their competency level, but doesn’t affect the products or services they can offer.

So there’s no significant change here other than in the naming to make things more clear for everyone.

Faster Change Reporting

Previously, brokers had 30 days to notify RIBO about any changes to their license status. Under the new system, they must do so within 10 business days.

New License Classifications

The update reorganizes existing license classes into the three new levels:

  • Level 1 Licensees: Brokers holding Entry Level Broker or Level 1 competency (previously Acting Under Supervision and Acting Under Supervision (No A&S or Travel or Including Travel, No A&S)).
  • Level 2 Licensees: Brokers holding Technical/Commercial competency (previously Unrestricted Technical classes and Unrestricted Technical (No A&S or Travel or Including Travel, NO A&S)).
  • Level 3 Licensees: Brokers holding Management competency (previously Unrestricted classes and Unrestricted (No A&S or Travel or Including Travel, NO A&S)).

No Change in Product Sales

It’s important to note that this new framework doesn’t change the types of products brokers are authorized to sell.

This update aims to improve clarity and efficiency within the industry. Brokers and consumers should benefit from a more streamlined licensing system and faster communication with RIBO.

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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