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.
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.