RIBO stands for Registered Insurance Brokers of Ontario and is the self-regulatory body that governs insurance brokers in the province of Ontario. RIBO is responsible for licensing, enforcing codes of conduct and providing continuing education for brokers who work in Ontario. RIBO is also tasked with ensuring that all brokers have adequate Errors and Omissions coverage which protects consumers during transactions.

When people get their ribo license they are able to work as an independent insurance broker. There are 3 levels of RIBO licensing, each with increasing degrees of authority and responsibility. Insurance agents are licensed through the OTL exam and only sell products from one insurance company whereas brokers work at a brokerage and can shop policies from multiple companies for their clients.

Unlocking Opportunities: Understanding the RIBO License

To start working as a broker you would need to pass the RIBO Level 1 exam which is the entry level license. To prepare for this you could enroll in our RIBO L1 Program, which includes everything you need to pass the RIBO level 1 exam. Then you would need to find employment as a restricted broker for two years before you can write the RIBO Unrestricted technical only exam, which will give you your full RIBO license.

After you have your RIBO license you will be able to start shopping policies for your client’s needs and recommend the best solution from all the options available to them. You could also choose to become a Principal Broker by writing the RIBO Unrestricted Management exam which will allow you to run your own brokerage.