How to Become an Insurance Broker in British Columbia

Become a licensed insurance broker in British Columbia

Insurance brokers sell insurance policies to people. They also take care of the insurance sale and all of the necessary follow-up transactions. It is important for insurance brokers to do their jobs fairly and efficiently. In British Columbia, insurance brokers are required to continue their education through training and regularly upgrading their insurance license to help them have successful careers. Brokers licensed by the Insurance Broker Association of British Columbia (IBABC) are the most well-respected and trusted brokers in British Columbia.

Instructions

1. Graduate college with a degree in accounting or finance. If you do not wish to major in these areas, be sure to take classes in finance, business, accounting and economics.

2. Complete an internship with a Canadian insurance broker. During your internship, you will learn about Canadian licensing, insurance, and commission laws during your internship.

3. Take either the Canadian Accredited Insurance Broker (CAIB) exam or the Fundamentals of Insurance Exam. These exams are offered by the Insurance Broker Association of British Columbia (IBABC).

4. Pass any of these exams mentioned in Step 3. This will qualify you for a Level 1 insurance license. With a Level 1 insurance license you will be able to work in different positions in an insurance brokerage such as handling home and personal lines transaction or working as a mobile road agent.

5. Send out your resume to British Columbia brokerage firms and accept an offer of employment.

6. Apply for a brokerage license from the Insurance Council of British Columbia. Visit the Insurance Council of British Columbia (www.insurancecouncilofbc.com/PublicWeb/LicenceQualifications.html) for the specific requirements for licensing as there are different qualification requirements for the different types of insurance. Choose the what area of insurance brokerage you would like to specialize in. Download the application form and then pay the license fee. You will receive your license after 10 business days.

References

• IBABC.org: Education and Training Requirements
• Insurance Council of British Columbia.com: How To Qualify For A License