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Alberta General Insurance Course Equivalencies (using CAIB 1 & CAIB 2)

How to get different levels of Alberta General Insurance and what are the equivalent options available.

On October 8th, 2019, the Alberta Insurance Council (AIC) announced some new Alberta General Insurance course equivalencies that open up some new paths for people to get their general level 1, 2 & 3 licenses in Alberta. This announcement means that they are recognizing the CAIB and CIP programs as equivalent to their own general insurance licensing programs.

What does this mean for new or existing licensees?

Albertans now have many paths to get their general insurance license

ALBERTA GENERAL INSURANCE LEVEL 1

There are now 5 ways to get your Level 1 license:

  1. Pass the Alberta General Insurance Level 1 exam.
  2. Pass the CAIB 1 & CAIB 2 exams if you apply for the license no later than 12 months after passing the last exam.
  3. Pass the C130 – Essential Skills for the Insurance Broker and Agent & C11 – Principles and Practices of Insurance exams if you apply for the license no later than 12 months after passing the last exam.
  4. With a full CAIB Designation if you apply no later than 12 months after passing the last exam.
  5. With a full CIP Designation if you apply no later than 12 months after passing the last exam.

ALBERTA GENERAL INSURANCE LEVEL 2

With the Level 2 license, there are now 5 ways to get it:

  1. Pass the Alberta General Insurance Level 2 exam.
  2. Pass the CAIB 1CAIB 2, and CAIB 3 exams if you apply for the license no later than 12 months after passing the last exam.
  3. With a full CAIB Designation if you apply no later than 12 months after passing the last exam.
  4. Pass the C131 – Advanced Skills for the Insurance Broker and Agent & C132 – Practical Issues of Broker Management exams if you apply for the license no later than 12 months after passing the last exam.
  5. With a full CIP Designation if you apply no later than 12 months after passing the last exam.

ALBERTA GENERAL INSURANCE LEVEL 3

There are now 3 ways to get your Level 3 license:

  1. Pass the Alberta General Insurance Level 3 exam.
  2. Prove that you have the full CAIB Designation. For this, you must pass all 4 CAIB exams.
  3. Prove that you have the full CIP Designation.

The goal of introducing these new General Insurance course equivalencies to Alberta is to bring the education/licensing regime more in-line with other provinces and give students more options and paths to licensing.

SHOULD I USE THESE GENERAL INSURANCE COURSE EQUIVALENCIES? HOW SHOULD I GET MY ALBERTA INSURANCE LICENSE?

While this is welcome news, I would still recommend brokers take the Alberta General Insurance exam route for a few reasons:

  1. There are less exams to take. For example, to get your level 1 license, you can either take 2 exams (CAIB 1 & 2) or 1 exam (Alberta General Insurance Level 1).
  2. Some people may find that the Alberta General Insurance exams are easier. While the CAIB exams contain mostly short answer questions, the Alberta General Insurance exams are completely multiple choice only. This also means you get the marks back faster.
  3. The exams are cheaper. The AIC charges $50 to write their exams which is significantly less than what you would be charged to take the other exams.

That said, if you choose to get licensed via the CAIB or CIP exams, you do kill 2 birds with 1 stone in that you can earn courses that contribute to your CAIB or CIP Designation while getting your licensing levels.

For more details, check out the AIC’s general insurance course equivalency document or CONTACT US for help.