February 9, 2021 by Jason Contant
Licensing exams for Ontario’s brokers are now available in an online, virtually-proctored format, the result of a partnership between the Insurance Institute of Canada and Ontario’s broker regulator RIBO (Registered Insurance Brokers of Ontario).
“This is welcome news to many licensing students, as well as companies across Ontario [that] have not had access to in-person exams since the start of the pandemic,” the Institute announced recently. “All RIBO exams, including Unrestricted Management and Technical, and the equivalency exams will be available online.”
Moreover, in Alberta, the Institute — the educational arm of Canada’s P&C industry — is providing options to become licensed either through the Institute’s licensing materials or CIP course equivalencies for Alberta General Levels 1, 2 and 3 licensing.
“Recent changes to the CIP course requirements for Level 2 and 3 will help licensing candidates across the country in the broker/agent stream to progress to a higher level of licensing during the pandemic,” the Institute announced. “All licensing levels can benefit from online exams through the equivalency route.”
Generally speaking, a Level 1 broker in an average Canadian brokerage and/or agency would primarily work in an office in the role of front-counter customer service representative, according to the Alberta Insurance Council. Other duties would be to work in a support role for a Level 2 or Level 3 broker. This person would be supervised by a Level 2 or Level 3 broker.
A Level 2 broker typically works as a producer of new business and manages existing business, whether personal, commercial, specialty, or a combination. “While a level 3 is ultimately responsible for the overall management and supervision of a brokerage, a Level 2 certificate holder can undertake various management and supervisory responsibilities and can act without supervision.”
A Level 3 broker generally has broad insurance knowledge and manages or operates the brokerage.
In addition to offering online licensing exams, the Institute has announced it will offer additional exam sessions to help expedite licensing requirements for candidates through CIP equivalencies. This was “critical at a time when in-person exams are impacted by the status of COVID in a number of jurisdictions,” the Institute said.
All course offerings for the Chartered Insurance Professional (CIP) designation and licensing are now delivered in a virtual or independent study format, including virtually-proctored exams, the Institute said recently.
The full list of RIBO exams and schedules area available at https://bit.ly/3tIaBTu; the full list of course equivalencies approved by the General Insurance Council are available at https://bit.ly/3q4MoEF.
Feature image via iStock.com/damircudic