How to Become an Insurance Broker in Ontario

A career as an insurance agent requires good people skills.

Insurance brokers help to find the buyers best policy in life, health and property insurance. A degree is not mandatory to become an insurance broker but you need to obtain a license in specific insurance area. To become an insurance broker, certain criteria need to be followed.

Instructions

1. Make sure that you have the potential to become a good insurance broker. As per Insurance Brokers Association of Ontario (IBAO), no specific educational qualification is required but business classes at the university level can be helpful to attain deep insight and understanding of the insurance sector and a prodigious position in the same.

2. Enroll for the qualifying exam. The Financial Services Commission of Ontario provides necessary information and details regarding the registration and preparation for the exam. For more advice and recommendations for the particular exam you intend to take, visit the IBAO website (see References). All the details as well as insurance courses useful to prepare for tests are provided there.

3. Apply for the broker's license according to the guidelines mentioned in Section 5 of Ontario Regulation 991 of The Registered Insurance Brokers of Ontario (RIBO) Act. Complete an application and along with it submit a proof of your exam's scores and make payment of fees. The application form can be obtained from The Financial Services Commission of Ontario's website (see References). All the necessary details regarding the renewal of licenses and continuing-education requirements are provided by the commission.

4. Now you can start working. According to IBAO, brokers who have attained licenses can work either for an insurance firm or independently for many different insurance companies while selling their products.

References

• Financial Services Commission of Ontario
• IBAO: School of Insurance