Both the RIBO (Registered Insurance Brokers of Ontario) and OTL (Other Than Life) license allow you to sell home and auto insurance in Ontario, however the OTL qualifies you to be an Insurance Agent while the RIBO license qualifies you to be an Insurance Broker.
OK, so what is the difference between an Insurance Agent and an Insurance Broker?
An Insurance Broker is a person that has permission to seek insurance quotations for an insured (client) or prospective client. A broker is not an insurance company employee. As a representative for the insured, brokers will approach several insurance companies in an attempt to provide quotations and coverage to adequately insure the client’s exposures. – Insurance Brokers Association Ontario
An Insurance Agent is a person who has entered into an ‘agency contract’ with an insurance company for the purpose of selling insurance for that one company. An agent is not an employee of the insurance company, but rather an independent contractor. The agent, unlike a broker, has the authority to bind coverage (legally obligate the insurance company to provide coverage according to the terms and conditions as bound). – Insurance Brokers Association Ontario
There you have it, two types of insurance licensing exams in Ontario, and ILScorp provides the study materials to prepare for either one of them.
RIBO Licensing Exam Preparation Course – more info
OTL Licensing Exam Preparation Course – more info
What do I do when I am ready to register for the OTL licensing examination?
Once you are ready, you will need to apply to write the OTL licensing examination. The Other Than Life (OTL) examination is administered by the Insurance Institute of Ontario at various times and locations. You will need to contact them for specific locations and dates.
What do I do when I am ready to register for RIBO licensing examination?
Once you are ready, you will need to apply to RIBO to write the licensing examination. You will need to contact them for specific locations and dates.
I live in Florida-am Canadian from Ontario-moving back to Ontario-have owned an insurance agency in Tampa for 10 years and have been licenced 220 for 22 years plus I had a licence in Ontario when I worked for Allstate-do I nned to take the exam to get a ribo or otl licence
Hello Paul, the best thing to do is to contact the registered insurance brokers of Ontario (RIBO) and they will advise of your requirements for your situation.
Telephone:toll-free: 1-800-265-3097 Web site: http://www.ribo.com
If you do need to take the exam, we provide the RIBO licensing exam preparation course, or the Other Than Life exam preparation course.
We wish you success!
Is it possible to have both an OTL and RIBO? I have a potential job offer at a brokerage, but don’t want to lose my OTL if it doesn’t work out.
Hi Claire to be sure, please contact the registered insurance brokers of Ontario (RIBO) and they will advise of the requirements for your situation.
Telephone:toll-free: 1-800-265-3097 Web site:www.ribo.com.
Hi,
I have a few questions as I prepare for the OTL exam:
1. How many marks or % does one need to pass the exam
2. How long does it take to get the results?
3. Once passed, what is the best way to go about looking for an agent’s position, preferably without any monthly fees?
4. How much does it cost to get and keep the license active every year?
5. Do I need to remain an agent for any period of time before taking the RIBO exam to become a broker?
6. Is a broker position/job also like of an agent i.e. independent contractors?
Any resources you can guide me to is really appreciated! trying to get into the thick of this but not able to find too much to go on.
Many thanks!
Yogi
Hello Yogi, the RIBO exam is 100 questions, 90 multiple choice and 1 short answer. The passing grade is 75%. The licensing exam is administered by the Registered Insurance Brokers of Ontario (RIBO) so once you are ready to write you must register with RIBO to write. The best resource to answer your questions and find more information is to contact RIBO directly. Here is a link to their FAQs on the RIBO website.
http://www.ribo.com/index.php?option=com_content&view=article&id=7&Itemid=273
Hi,
I want to pursue my carrier in Insurance but don’t want to resign from my current job. Is there any way that I can get exemption to keep my current job and also working as an Insurance Agent. This is in regards to RIBO requirement of Only Employment Condition.
Thanks
Hello Steve, its best contact RIBO directly with your question, but there is no reason why you cannot begin your study while working at your current job. With the ILS Level 1 RIBO Exam Preparation course, you receive 3 months of access to study all course material to prep you for the final RIBO licensing exam. This course can be taken at your own pace, anytime and anywhere you have an internet connection. Once you have completed all study material and you feel you are fully prepared to write the exam you will need to register with RIBO for the exam write. Once you pass the entry level exam you are considered “qualified” and will be sent an Employment Letter Form with your passing letter. This is when you can now seek a job in the insurance industry. You will need employment with a RIBO Registered general insurance brokerage firm. So you can study now, and pass the exam while still keeping your current job. Employment or sponsorship with a brokerage is not required to write the examination but it is a requirement for registration of your insurance license. As far as working as an Insurance Broker and keeping your current job, that may require an application for a Secondary Business Exemption to the RIBO Qualification and Registration Committee, but again it is best to contact RIBO directly.
Thank you and we wish you success!
Dana
if i passed the OTL exam, can i work on second job as well. i know ribo has some restriction on second occupation but how about OTL.
Hi Rupy, the guidelines provided by the Financial Services Commission of Ontario, in order to obtain a license “You must not be engaged in any other business or occupation that would jeopardize the person’s integrity, independence or competence.
It is best to confirm with FSCO. http://www.fsco.gov.on.ca/en/insurance/Licensing-Registration/Pages/lic_agent.aspx
Full list of requirements below:
In order to obtain a licence, an applicant must meet the following requirements:
Complete a General Insurance Agent application, provide applicable supporting documents and pay the required fee of $150.00. (As of July 4, 2006, the application must be filed electronically and can be obtained from Licensing Link, as noted below.)
Be familiar with the laws of Ontario relating to the licensing of general insurance agents.
Be sponsored by a licensed insurer.
Hold himself/herself out publicly and carry on business in good faith as a general insurance agent only in the name in which the agent is licensed.
Not be engaged in any other business or occupation that would jeopardize the person’s integrity, independence or competence.
Be of good character and reputation.
Be a suitable person and meet all the licensing requirements.
Possess the appropriate educational background.
Provide FSCO with an Ontario mailing address that is suitable to permit service by registered mail.
hello ,
i want sell insurance (all types- life, auto,home,) eventually would like to start my own brokerage. what steps do i need to take in regards to courses and certifications (LLQP,RIBO,OTL ?) any help would be great.
thanks
Hello Roshan, the first step would to become Level 1 Licensed in your Province. The RIBO Level 1 License allows you to sell Habitational (personal and commercial) Insurance Coverages, Auto Insurance Coverages, Travel Insurance, and Liability Coverages in Ontario. In order to obtain your RIBO Level1 License you must pass the RIBO Licensing exam. We do not offer the exam, only RIBO does, but we do offer a full exam preparation course. The ILS RIBO Level 1 Genearl Insurance Licensing Exam Prep course (L1)
RIBO Level 1 General Insurance Licensing Exam Preparation Program includes:
L1 General & Adjuster Insurance Licensing online course – 13 Chapters
L1 Textbook hardcopy – 13 Chapters
L1 Workbook hardcopy – over 650 quiz questions
L1 Workbook Answer Key
L1 Flashcards – over 300 mobile questions
Ontario Auto online course
An Insurance Professional’s Regulatory Responsibilities online course – ON council rules and code of conduct
Homeowners Comprehensive Form online courses Parts 1-5
Case Studies
Review Tests – over 20 review tests including multiple choice answer options
L1 General Insurance Licensing Practice Exam
L1 RIBO Practice Exam
Access duration of 3 months – recommended study time of 80 – 120 hours
You can find more information on how the course works here.
What is the equivalent to OTL in BC called?
Hello Nicki, that would be an insurance agent.
The terms “insurance agent” and “insurance broker” are frequently used interchangeably, but they are not the same thing. There are differences between the two that matter.
An agent represents a single insurance company while a broker represents multiple insurance companies. Both are licensed to sell insurance products while following provincial and federal regulations.
Here is information on how to obtain your Level 1 General Insurance License in BC, to work either as an agent or a broker.
https://www.ilscorp.com/level-1-general-insurance-licensing/
Dana
Hi
I have my RIBO license for both Alberta and Ontario and want to join another company requiring OTL .
Can you suggest how can i get it converted or if i need to write the OTL exam from beginning. To convert RIBO into OTL there is like 40 questions exam that part i know , but what are the requirements to convert RIBO to OTL????????
Hello Jaspreet, I suggest you contact ICC or FSRA directly for exam information.
You may not need to write this exam if:
– If you have a Chartered Insurance Professional (CIP) designation (contact FSRA for more information)
– If you hold a licence from another province or territory (visit this equivalency page for more information)
If you have any questions about the exam, please contact the OTL Agent’s Exam Administrator at otlexam@insuranceinstitute.ca. If you have any questions about applying for an Agents Licence, licence cost, lapsed licences, or any other enquiries related to agents licensing, please contact FSRA.
Hope this helps and good luck!
Dana