The higher your level the higher you have responsibilities and authorities.
- For practitioners in a province with a graduated licensing scheme, a Level 1 license allows you to begin practicing insurance, however, there are certain restrictions on payment of commissions or location in which you’re able to practice. In most provinces, Level 1 agents are only allowed to practice insurance inside the brokerage and under the supervision of a Level 2 or 3 agent.
- As a Level 2 agent, you have more responsibilities and authority. You are allowed to practice insurance outside and also work as a “producer” finding your own clients and earning a commission. In Ontario, this class of license is called RIBO 2 (Unrestricted - Technical)
- As a Level 3 agent, you are now able to manage or run your own brokerage as a “nominee” or "principal broker". In Ontario, this license is referred to as RIBO 3 license or Unrestricted - Management
- If you’re interested in the different jobs available in the insurance industry, take a look at an article I wrote here.