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In Canada, insurance companies are regulated by both federal and provincial authorities. The primary federal regulator is the Office of the Superintendent of Financial Institutions (OSFI), which oversees over 200 insurers, including life insurance companies, property and casualty insurance companies.
An insurance broker represents the insured, while an insurance agent represents the insurer, which affects the methods and purpose for how they conduct their work. As a broker doesnt represent the insurance company, they cant complete insurance sales transactions to bind a policy to a policyholder.
The fee to apply for a new general licence is $150. This fee will cover the first two years of your licence. Depending on the arrangement you have with your sponsoring insurer, the insurer may pay the fee OR you may be responsible for paying this fee. Check with your sponsoring insurer for details.
RIBO stands for the Registered Insurance Brokers of Ontario. It is a self-governing, self-supporting organization of general insurance brokers in Ontario. RIBO was established by the Ontario government in 1981 to protect the public during insurance transactions with brokers, through self-governance.
Before you apply for a general licence, you must successfully complete the OTL Agents Exam from the Insurance Institute. The Insurance Institute offers a range of options to help you prepare for the exam, including virtual classes and study kits that cover all aspects of the general insurance business in Ontario.
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People also ask

What is the difference between the OTL the RIBO license? Both the RIBO (Registered Insurance Brokers of Ontario) and OTL (Other Than Life) license allow you to sell home and auto insurance, however the OTL qualifies you to be an Insurance Agent while the RIBO license qualifies you to be an Insurance Broker.
The cost of each RIBO exam attempt is $300. Each rewrite is an additional $300. This fee is separate from the RIBO licensing application fee (see RIBO Exam Policies). Exam times are booked on a first-come, first-served basis, so schedule your exam immediately after registering.
Professional Liability Insurance is not required by all professions to offer services; however, its recommended for professionals who provide a service or advice, whether they work within a group of professionals or as solo entrepreneurs, as it protects against costs associated with claims or lawsuits that may

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