Insurance agents in Ontario need to get their OTL license to do their job. If you are doing research on how to become an insurance agent in Ontario or want to learn more about OTL license, the OTL exam, and the whole process from start to finish, this guide will help you.
To learn about the RIBO license, we have a great resource for that too. If you are not sure which license is right for you, we also have a great article on the difference between RIBO and OTL license.
HOW TO USE THIS OTL GUIDE
This guide will tell you everything you need or want to know about OTL and becoming an insurance agent in Ontario. This guide is an overview so you will see links (in RED) to other resources with more details on the topic. If you cannot find you answers here or in the links, read our insurance FAQ page or use the search bar on our website.
Photo by Austin Distel on Unsplash. He also wants to learn about the OTL license.
WHAT IS OTL?
According to the Financial Services Regulatory Authority of Ontario (FSRA), an Other Than Life license is a license to practice as a general insurance agent in Ontario. As the name implies, this allows you to act as an insurance agent selling all types of insurance other than life insurance style products.
An insurance agent is somebody who works for, represents, and sells products for 1 insurance company. One that works with many is called a broker and requires a RIBO license.
HOW TO GET AN OTL LICENSE
FSRA has a great resource on how to become a general insurance agent. Their instructions are a bit complicated so we summarize the key points from that resource here:
Step 1) Take an OTL course
Step 2) Pass the OTL exam. Exams are coordinated by the Insurance Institute and we provide detailed registration information inside the course.
Step 3) Find an insurance job with a licensed insurer. They will “sponsor” you and help you complete the rest of the licensing paperwork.
To get the license after passing the exam and finding a job, there are other requirements to meet. For example, you need to be of good character (no serious criminal history) or have an Ontario address for mail. Once you get your license, you there are still further requirements. For example, you need to operate under the legal name of your license and avoid conflicts of interest.
Except for passing the exam, most people will find the other requirements quite easily. If you do not have any recent serious criminal history, you will likely meet all of the OTL licensing requirements.
OTL LICENSE EXAM EXEMPTIONS
You may be exempt from passing the OTL exam if you have a CIP Designation or have passed the RIBO 1 exam.
OTL EXAM & LICENSING FEES
There are three (3) fees involved with getting your OTL license:
- OTL Course Fees: $249 (taxes included)
- OTL Exam Fee: $105 + HST
- Financial Services Commission of Ontario (FISCO) licensing fee: $150
Including HST, the total cost of OTL licensing is $467.65.
CONVERTING AN OTL LICENSE TO RIBO LICENSE
If you have an Other Than Life (OTL) license right now and want to switch to a RIBO license, you can do that by applying to RIBO. If they approve, you can simple write a 20 multiple choice exam on RIB Act & By-laws. You can prepare for the RIBO Equivalency Exam with our RIBO Equivalency exam prep course.
