A RIBO Level 3 License is the highest level of licensing for insurance brokers in Ontario. This license allows brokers to take on key leadership roles within their brokerage, such as Principal Broker, Deputy Principal Broker, or Supervising Broker. Achieving a Level 3 License demonstrates advanced knowledge and managerial competence in the insurance industry, positioning you to oversee and manage the operations of an insurance brokerage.
This page will guide you through the process of obtaining a RIBO Level 3 License and provide a brief overview of all three RIBO licensing levels.
Overview of All RIBO Licensing Levels
RIBO offers three levels of insurance broker licensing in Ontario:
- Level 1 License – For entry-level brokers working under the supervision of a Principal Broker.
- Level 2 License – For brokers with more advanced technical and commercial insurance expertise, but still working under a Principal Broker’s supervision.
- Level 3 License – For brokers qualified to act as Principal Broker, Deputy Principal Broker, or Supervising Broker, providing leadership within the brokerage.
What is a RIBO Level 3 License?
A RIBO Level 3 License allows a broker to manage a brokerage’s operations and compliance with regulatory requirements. As a Principal Broker or Deputy Principal Broker, you will oversee all other brokers in your firm, ensuring they adhere to RIBO regulations and provide ethical, professional service to clients.
Level 3 brokers may also:
- Act as a Principal Broker, responsible for all insurance-related operations in the brokerage.
- Supervise brokers with Level 1 and Level 2 Licenses.
- Manage regulatory compliance and ensure brokers are following RIBO’s guidelines.
Requirements for a RIBO Level 3 License
To qualify for a RIBO Level 3 License, there are two paths.
Path 1: For RIBO License Holders
For those with an active RIBO Level 1 or 2 License, you must meet the following criteria:
1. Hold an Active RIBO Level 2 License
To be eligible for the Level 3 License, you must already hold a RIBO Level 2 License, demonstrating that you have the technical and commercial knowledge required for more advanced roles in the insurance industry.
2. Optional: Insurance Designation
If you do not currently hold a Level 2 License, you can opt to waive the Level 2 exam and proceed directly to one of the Level 3 Exams. While RIBO recommends taking the exams in order, this option is available for those who prefer a direct path to Level 3.
- This option is ideal for brokers who are in the process of completing their insurance designation and plan to request a waiver of the Level 2 Exam upon completion.
- The results of the Level 3 exam will be valid for three years, allowing flexibility for those working toward other qualifications.
- Visit the RIBO Equivalency webpage to check eligibility criteria for the waiver.
3. Pass One of the RIBO Exams
To obtain a RIBO Level 3 License, you are required to pass either the Level 3 – Management or, if eligible, the Level 3 – Accelerated Management (AME). Both paths assess your ability to manage a brokerage and ensure regulatory compliance. Visit the respective exam pages for more detailed information on exam fees, structure, content, format, registration, and eligibility criteria.
4. Industry Experience
You are expected to have a minimum of two years of cumulative work experience as an insurance broker before applying for a RIBO Level 3 License.
5. Submit Required Documents
When applying for your RIBO Level 3 License:
- Email licensing@ribo.com.
- Quote “Level 3 License Upgrade – Your Name – Your RIBO License Number” in the email subject line.
- Include exam results as proof that you meet the eligibility requirements.
Path 2: For Non-RIBO License Holders
If you hold an appropriate license in another province that would qualify you to act as a Principal Broker, Deputy Principal Broker, or Supervising Broker, you may be eligible for the Level 3 – Management or Level 3 – Accelerated Management (AMF). Additionally, you must take the RIBO Ontario Automobile Equivalency Exam, as it covers Ontario-specific auto insurance regulations.
Visit the RIBO Equivalency webpage to check your eligibility and how to apply.
For non-RIBO license holders only and upon successfully passing the appropriate exam, you can proceed with registration, subject to meeting the suitability requirements, as an insurance broker with a RIBO-registered brokerage firm.
We strongly recommend checking the Registration Checklist before taking the exams. Candidates are responsible for verifying their eligibility for licensure prior to taking any exam.
Please note that passing the exam does not guarantee full eligibility, as additional background checks (including but not limited to criminal records and conflicts of interest with other licensing bodies) will be conducted during the formal licensing application process.
Reference Manual for RIBO Level 3 Licensees
Even before beginning the RIBO Level 3 License process, candidates are encouraged to consult the Reference Manual. This manual provides essential compliance tools, resources, and guidance that are helpful in preparing for the Level 3 Management Exam and Level 3 – Accelerated Management Exam, and later in practice as a Principal Broker, Deputy Principal Broker, or Supervising Broker. It is strongly recommended that candidates review this manual early in their licensing process to familiarize themselves with RIBO’s regulatory expectations.
Continuing Education (CE)
To maintain your license, RIBO requires you to complete continuing education (CE) credits annually. These credits ensure you stay updated with industry standards and regulations. For more information on the specific CE requirements, visit RIBO’s Continuing Education webpage.
License Renewal
Your RIBO license must be renewed regularly to remain active. License renewal requires both the completion of CE credits and the payment of renewal fees. To learn more about the renewal process and deadlines, visit our Renewal Centre.
What You Can Do With a Level 3 License
Once you hold a RIBO Level 3 License, you can take on leadership roles within your brokerage, including:
- Principal Broker – Responsible for overseeing the entire brokerage’s operations, ensuring compliance with RIBO regulations, and managing other brokers.
- Deputy Principal Broker – Assists the Principal Broker in managing the firm and takes over responsibilities in the Principal Broker’s absence.
- Supervising Broker – Oversees brokers with Level 1 and Level 2 licenses, ensuring they adhere to industry best practices and regulations.
Additionally, holding a Level 3 License allows you to play a more strategic role in the growth and management of your brokerage, giving you authority over business decisions and broker training.
Common Questions
Do I Need to Hold a Level 2 License Before Applying for Level 3?
While RIBO recommends taking the exams in order, you can skip the Level 2 exam and go directly to the Level 3 Management Exam. The results of the exam are valid for three years, allowing time to complete other required qualifications. Keep in mind that you will not be able to apply for your Level 3 License until you qualified and submitted your exemption.
Can I Obtain a Level 3 License Without Being a Principal Broker?
Yes, you can hold a RIBO Level 3 License without immediately becoming a Principal Broker, Deputy Principal Broker, or Supervising Broker. However, this license qualifies you for those positions whenever you choose to pursue them.
Can I Be Exempt from the Level 3 Exam?
No, but certain insurance designations may qualify you for the Level 3 – Accelerated Management (AME). Visit the RIBO Equivalency webpage to check if you qualify.
Do I Need to Fulfill Continuing Education Requirements?
Yes, all brokers with a RIBO Level 1, Level 2, or Level 3 License must complete their CE requirements annually. It is the responsibility of each broker to ensure they meet their own CE obligations to maintain their license and maintain their own CE records.
However, Principal Brokers are also responsible for ensuring that all brokers under their supervision (whether they hold a Level 1 or Level 2 License) are complying with their CE requirements. This dual responsibility ensures that the brokerage remains in full compliance with RIBO regulations.
Does RIBO Administer the Exams?
No, the exams are administered by the Insurance Brokers Association of Ontario (IBAO) or the Insurance Institute of Canada (IIC). For issues related to registration, rescheduling, accommodations, or technical problems, please contact your exam provider directly.
Can I Retake the Exam?
Yes, candidates are allowed two attempts with each exam provider (IBAO and IIC). If all four attempts are unsuccessful, you must wait 8 months before reapplying.