New to the Insurance Industry? Cannot understand the process of licensing? This article will elaborate on each step-by-step for the process organized by province of getting an insurance license.
If you’re new to the industry, the insurance licensing process can be confusing and intimidating. Information is fragmented and hard to find. In this guide, I will provide you with step-by-step instructions on how to get your insurance license – from start to finish. I’ll also be providing you with all the links you need organized by province.
STEP 1: STUDY MATERIALS
If you’ve done some research on your own, you might already know that you first have to pass an exam. The exam is there to make sure that you’re qualified and knowledgeable.
Most provinces use a 3 step licensing scheme. As a Level 1 license holder, you are able to work in the insurance industry as an agent or broker but there are restrictions – you must be supervised. As a Level 2 license holder, you can work unsupervised (i.e. outside the office). And as a Level 3 licensee, you are able to own and run your own insurance brokerage.
If you’re brand new to the industry, you will need to take the Level 1 exam for your province.
For other Alberta courses/levels, click here.
For other Ontario courses/levels, click here.
BRITISH COLUMBIA (BC), SASKATCHEWAN, MANITOBA, NEW BRUNSWICK, NOVA SCOTIA, PEI, NEWFOUNDLAND, ETC.
For other courses/levels, click here.
Note: I recommend that new brokers take Fundamentals of Insurance over CAIB 1. The exam is easier and the exam fees are lower.
Starting a new career is a serious thing – it’s best to know what you’re getting into. If you haven’t already, I suggest signing up for a free trial to see for yourself what our courses are like.
STEP 2: REGISTER FOR THE EXAM
So you’ve purchased the right study materials for your province. You’ve put in the time, read through the materials and done the practice exams. You think you’re ready to take the exam. Great!
If you are writing the Fundamentals of Insurance exam and live in or near the Lower Mainland, you can register and pay the $195 exam fee online here.
If you are writing Fundamentals outside of the Lower Mainland, you must nominate a proctor and choose an exam location (likely at your local college). You can do all of this here.
If you are writing the CAIB 1 exam and live in or near the Lower Mainland, you can register online here. The exam fee for CAIB 1 is $395.
If you’re outside the Lower Mainland, click here.
In Alberta, the Alberta Insurance Council runs the licensing exams. The steps here are a little bit complicated so stay with me.
The first thing you need to do is register for your CIPR #. You can do that by visiting CIPR.ca and clicking “Register” on the top right or by clicking here.
After you’ve register for your CIPR #, go to the Alberta Insurance Council website, hover over “Students”, hover over “Exams”, and click “Register (Login)”. Or, click here. And log in.
Once you’re logged in, you can register for your exam and pick a date and location.
You will be asked to pay a $50 exam fee. They hold the exams a few times a week and in cities all over Alberta. For a more complete list of schedules & locations, click here.
The process in Ontario is a little bit more manual. You first have to submit an information request to RIBO. You can do that here.
In a week or so, you should get a package from RIBO in the mail. It contains a few documents but the 1 you really want is the Form 2A (Application for Insurance Broker’s Individual Registration). All you need to do is fill it out according to the instructions and mail it back to RIBO along with the $180 exam fee.
You can take the exam at the RIBO office in Toronto on Tuesdays at 9:30am or at 29 other locations in Ontario. If you are outside of Ontario, there are exam centres in every province.
In Ontario, this Form 2A is also your license application form so you’re done now. There is no Step 3.
For those looking to write their exam at the IBAS office, they can register online by clicking here.
If you are writing elsewhere, you will need to nominate a proctor. The proctor nomination form can be found here.
The exam fee for Fundamentals of Insurance is $250. For CAIB 1 it’s $450.
Students looking to take the Fundamentals of Insurance exam in New Brunswick can choose their exam date and register by clicking here. CAIB 1 students can register here (make sure you are registering for the “self-study exam”). Exams are written in Fredericton.
Once you click register, they will ask you to log in or create a guest account. Click “create a guest account”.
Students taking Fundamentals of Insurance can register and pay the $165 fee here.
CAIB 1 students can register here (you might need to create a guest account).
Students taking the Fundamentals of Insurance exam can register here.
CAIB 1 students should click here.
STEP 3: APPLYING FOR YOUR INSURANCE LICENSE
Congratulations! So you passed your exam. Now it’s time to apply for your license. Some of the licensing forms are hard to find so here are some handy links.
In Alberta, to apply for your license, log back into the Alberta Insurance Council website – the same one you used to register for your exam. Then click on “Licenses” then click “Apply for a License”
Prospective brokers in SK can find the application forms here.
Students in New Brunswick can register here. You may need to create an account.
Insurance license information for people looking to become agents in NL can be found here.