New Course for RIBO Management CE

New Course for RIBO Management CE

Financial Management of Brokerages Course

Accredited for 2 RIBO Management CE

Financial management is the big-picture enterprise of which record-keeping is one significant activity. Overseeing the assets, liabilities, capital structure, income and expenses of the brokerage to support its profitability is the function of financial management. In order to produce the “numbers” that add up to success, managers must possess the skills to orchestrate all the elements that contribute to the financial picture.

By the end of this course you will be able to:

  • Describe the main activities that comprise the financial management cycle
  • Describe the concepts involved in managing incomes and expenses
  • Explain tax factors regarding employee compensation and equipment leasing
  • Explain how to measure brokerage performance through financial analysis

Become an ILScorp group member to save even more.

Included as part of the ILScorp General CE Subscription.

Access Duration from the Date of Purchase: 6 months
Credit Hours: 2
Credit Type: General/Adjuster – Technical and RIBO-Management
Credit #: AIC #48004, MB#30089
Accrediting Provinces: BC, AB, SK, MB, ON

More RIBO Management CE Courses

RIBO Monitoring and CE Compliance

RIBO CE Monitoring

Once you have completed your CE, do not send the continuing education certificates to RIBO. Each individual is responsible for their continuing education hours and certificates as the continuing education program is self-regulatory. It is recommended that each individual maintain a Continuing Education Record Sheet and folder to place the certificates received from seminar providers. There will be a question on the annual renewal form to declare compliance with the Continuing Education Program. For spot check purposes, continuing education certificates should be kept for 5 years to indicate compliance with the Continuing Education Program. The Principal Broker will be responsible for ensuring that licensed individuals comply with RIBO requirements.

Did you know ILScorp keeps a digital record of your completed course history on file for up to 7 years?

 

RIBO Accredited Courses

Non-compliance

Penalties for non-compliance will be imposed by the Qualification and Registration Committee. Non-compliance by:

Principal Brokers

Will result in the registration of the Principal Broker being referred to the Qualification and Registration Committee to review and revoke the Principal Broker status. This may also result in the brokerage firm being subject to review by the Qualification and Registration Committee for non-compliance of the Principal Broker requirement.

Deputy Principal Brokers and all other licensed individuals

Will result in the suspension of the license until full compliance has been met.

CE Requirements

Principal Brokers and Deputy Principal Brokers

10 hours of continuing education credits every year between October 1st and September 30th. A minimum of 5 hours must be in the Management category. The remaining hours may be in the Management or Technical category. There is a carryover of a maximum of 10 hours (or one term’s requirements) allowed for the next term (requirement of minimum of 5 hours in the Management category still applicable).

All other licensed individuals

8 hours of continuing education credits every year between October 1st and September 30th in any category. There is a carryover of a maximum of 8 hours (or one term’s requirements) allowed for the next term.

Newly licensed individuals

The continuing education program of 8 hours every year between October 1st and September 30th will begin the first October following registration. Individuals are only exempted for the remainder of the license year that they were registered.

ILScorp Offices closed Monday for Labour Day

ILScorp Offices closed Monday for Labour Day

Happy Labour Day Canada!

ILScorp offices will be closed Monday September 3, 2018 to celebrate Labour Day.

Our offices will be open on Tuesday September 4.

Hope you had a great summer and enjoy the long weekend!

Purchase or renew your CE Course Subscription to complete your mandatory CE requirements online now.

Online CE Courses

Why do they call it Labor Day?

For many, Labour Day signals the end of summer, but Labour Day is an annual holiday to celebrate the achievements of workers. Labour Day has its origins in the labour union movement, specifically the eight-hour day movement, which advocated eight hours for work, eight hours for recreation, and eight hours for rest.

Continuing Education Requirements Ontario – RIBO

Continuing Education Requirements Ontario – RIBO

Continuing Education Requirements – RIBO

Key Regulatory Provision – ONTARIO REGULATION 991
5. (1) An individual is qualified to be issued and hold a certificate of registration as an insurance broker where,
(d) the individual complies with the continuing education requirements established by the Council.

Principal Brokers and Deputy Principal Brokers:
10 hours of continuing education credits every year between October 1st and September 30th. A minimum of 5 hours must be in the Management category. The remaining hours may be in the Management or Technical category. There is a carryover of a maximum of 10 hours (or one term’s requirements with a minimum of 5 hours in the Management category) allowed for the next term.
Personal Skills hours/credits cannot be applied towards the continuing education requirements. Principal Brokers and Deputy Principal Brokers who apply Personal Skills hours may experience a shortfall which may place their registration in non-compliance of the requirements.

Non-compliance of the requirements by the Principal Broker will result in the registration of the Principal Broker being referred to the Qualification and Registration Committee to propose to review and revoke the Principal Broker status. This may also result in the brokerage firm being subject to review by the Qualification and Registration Committee for non-compliance of the Principal Broker requirement. Deputy Principal Brokers who are in non-compliance of the continuing education requirements will result in the suspension of the license until full compliance has been met.

All other licensed individuals:
8 hours of continuing education credits every year between October 1st and September 30th in any category. There is a carryover of a maximum of 8 hours (or one term’s requirements) allowed for the next term.

Non-compliance of the requirements will result in the suspension of the license until full compliance has been met.

Newly licensed individuals:
The continuing education program of 8 hours every year between October 1st and September 30th will begin the first October following registration. Individuals are exempted for the remainder of the licence year that they were registered.
E.g. Broker A was registered on November 1, 2006 and Broker B was registered on April 30, 2007. Both Broker A and Broker B will not be required to have accumulated any continuing education credits
by September 30, 2007, but must begin taking the continuing education seminars/courses on October 1, 2007.

RIBO Accredited Online Courses

Category Definitions:
Each continuing education course/seminar/workshop that is submitted for accreditation is reviewed in accordance with the Broker Skills Reports which outlines the skills set necessary to carry out the duties and responsibilities of a broker.

Management
Subjects related to the RIB Act and Regulations, human resources, general management, accounting, computerization, and generally topics relevant to the operation of an insurance brokerage.

Technical
Subjects directed towards imparting of general insurance product knowledge and/or technical insurance expertise including risk management and loss prevention.

Personal Skills (Not eligible for Principal or Deputy Principal Brokers)
Subjects related to skills required to function efficiently in an insurance brokerage office, as a customer service representative or as a producer. Subjects would include, but not limited to, sales and
marketing skills, and communication and writing skills.

For spot check purposes, continuing education certificates should be kept for 5 years to indicate compliance with the Continuing Education Program. The continuing education certificates are not to be submitted to RIBO unless specifically requested by RIBO during a spot check. The Principal Broker will be responsible for ensuring that licensed individuals comply with RIBO requirements. However, it is also each individual’s responsibility to keep track of their own continuing education hours and certificates for 5 years, even if the brokerage firm/employer keeps a record of it.

Individuals who cannot confirm compliance with the continuing education requirements following a spot check will result in having their licenses suspended. These individuals will not be able to conduct
any business with members of the public until they are in full compliance and had their licenses reinstated by RIBO.

All individuals will also be asked at each renewal, to declare compliance with the Continuing Education Program. If the continuing education requirements have not been completed at the time the renewal application form is being filed, the question must be answered accordingly with a brief explanation. By answering that the requirements have been completed when in fact they have
not been, individuals have knowingly falsified the renewal application. Falsification on the annual renewal form constitutes an act of misconduct resulting in an individual’s file being referred to the Complaints & Discipline or Qualification & Registration Committee for review and disciplinary action.

 

New RIBO Management CE Courses

4 New RIBO Management CE now available

NEW COURSE: Insurance Distribution Channels

Credit Hours: 2 RIBO Management CE

Demand for insurance products and services remains as strong as ever but there has been a fundamental shift in the channels consumers choose to make their purchases. Insurance is generally bought directly through an insurer (through its captive agents, the web or other direct channels) or through independent agents and commercial brokers who provide access to the products of several insurers. Agreements bind brokerages and insurance companies together. The terms of these can vary according to the companies involved. These agreements will document the relationship that exists between the two parties.

By the end of this course you will be able to:

  • Explain independent and direct channels of insurance distribution in Canada
  • Describe agreement between a broker and an insurer
  • Describe factors considered by a brokerage to choose an insurer
  • Describe factors considered by an insurer to choose a brokerage

This course is included as part of the ILScorp General CE Courses Subscription

ILScorp General CE Course Subscription

NEW COURSE: Relations between Brokers and Insurers

Credit Hours: 2 RIBO Management CE

Brokerages often regard themselves as being independent of insurance companies, yet their very existence depends upon the insurance company that assumes the risks represented by the policies the broker sells. This tie, in which the broker is the intermediary between the consumer/client and the insurance company, is articulated in the agreements forged between the two entities. Upon completion of this course you will have a strong understanding of the elements of broker agreements.

This course is included as part of the ILScorp General CE Courses Subscription

ILScorp General CE Course Subscription

 

View all RIBO Management CE Courses

Happy Canada Day 2018!

Canada Day 2018 is Sunday, July 1.

It will also be observed as a national holiday on Monday, July 2, everywhere in Canada (except in Newfoundland, Labrador, and Nova Scotia.) On this day a large percentage of the population gets the day off… including the staff of ILScorp!

Although the ILScorp offices will be closed Monday July 2nd for Canada Day, you can still purchase or renew your CE course subscriptions online.

Purchase or Renew CE Subscription

 

Advantages of the ILScorp continuing education course subscriptions:

  • Once you purchase your subscription, you can begin taking your courses immediately! If you are a new subscriber, you will receive an automated username and password by email.
  • Access more than 190 accredited general insurance training courses in both text and streaming video formats, including personal lines, commercial lines, auto, farm, professional management and personal skills courses.
  • Access more than 75 accredited life/A&S insurance training courses in both text and streaming video formats including errors & omissions insurance, money management planning process and insurance and estate planning.
  • Have a digital record of your completed course work, which we keep on file for up to seven years.
  • Save time by completing your general insurance continuing education requirements entirely online, no paperwork or commute.
  • Courses can be accessed any time and you can log in and log out as many times as you wish during the course period.
  • Quizzes and Final exams are offered in most of our courses to help you retain the information.
  • Should you require any assistance at any time during your course work, we are here to support you 5 days a week, 0800 – 1700 PST (except on Canada Day!)

Enjoy your Canada Day holiday!
ILScorp

 

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