Whether you’re new to the insurance industry or are an experienced veteran, its critical to understand how continuing education (CE) requirements work. Basically, your CE credits, or lack thereof, have a major impact on whether you’re able to keep your RIBO license and make a living from insurance or not.
The consequences for non-compliance and neglecting to keep your RIBO CE credits up to date can be disastrous!
What you need to know to keep your license…. know your RIBO CE Requirements!
Each RIBO Licensee can have specific CE credit requirements. For example, Principal Brokers and Deputy Principle Brokers have different CE credit requirements than other licensed individuals. Some newly licensed individuals may be exempt from the RIBO CE requirements for the remainder of the license year they were registered.
What you need to know to keep your license…. there are NEW RIBO CE Requirements!
Did you know this renewal period (October 1, 2018 to September 30, 2019) requires all RIBO Licensees to complete 1 hour of RIBO ETHICS CE?
Wait! You haven’t heard of this new Ethics CE requirement yet?
Not to worry you still have plenty of time to get your 1 hour of Ethics CE done, and we have an online RIBO Ethics CE course, free as part of the ILScorp General CE Subscription. So now that you know about the new Ethics CE requirement and you know where to get it, lets clarify the remaining CE credits you need to keep your license.
Continuing education requirements vary by license and experience, as follows:
Principal brokers and deputy principal brokers:
10 hours of continuing education credits accumulated between October 1 and September 30 subject to the following conditions:
All other licensed individuals:
8 hours of continuing education credits accumulated between October 1 and September 30 subject to the following conditions:
- 1 hour minimum of RIBO Ethics CE
- 3 hours of RIBO Technical CE
- Maximum of 2 hours Personal Skills
- Carryover of 8 hours is permitted each year however the minimum category requirements must be maintained.
- The continuing education program of 8 hours every year between October 1st and September 30th will begin the first October following registration.
- Newly-licensed individuals are exempted for the remainder of the license year that they were registered
What could happen if I fail to meet the RIBO CE requirements?
- Licenses can be suspended starting with your resident license.
- If you lose your resident license it is highly likely your non-resident licenses in other provinces will also be suspended.
- There are also penalties when it comes down to reinstating your license. Often it’s more expensive to pay a penalty to reinstate your license than it is to purchase and complete CE courses.
- Once insurance carriers realize you do not have an active license, they tend to drop you pretty quickly.
- No license means you can no longer sell. Plus, you can’t submit business on behalf (or even represent) a particular carrier.
- Non-compliance by Principal Brokers can result in the registration of the Principal Broker being referred to the RIBO 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 RIBO Qualification and Registration Committee for non-compliance of the Principal Broker requirement.
So in summary, the main thing you need to know to keep your license is…. complete your required CE credits on time!