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?
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!)
- 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).