Toronto, ON (Sept. 26, 2023) – As part of RIBO’s commitment to enhancing the standards and qualifications of insurance professionals, changes are being made to the entry-level exam for licensed insurance brokers.
Updates are coming to the entry-level exam that serves as the cornerstone for becoming a licensed insurance broker in Ontario. This move is part of ongoing efforts to ensure that new brokers possess the most relevant and up-to-date knowledge and skills required for the evolving insurance landscape.
- Exam Content:
- New competency profile: Creating a framework that outlines essential expectations for success in the Level 1 (L1) Acting Under Supervision broker role.
- Refreshed exam questions: Increasing the exam to 100 multiple-choice questions, offering a more comprehensive evaluation of critical subjects such as legislation and insurance product knowledge.
- New exam form: Introducing new questions to our exam including questions designed to evaluate candidates’ commercial insurance knowledge.
- Exam Fee: the fee for writing the updated entry-level exam will be adjusted to $300.
Why the Changes?
These modifications are the result of an extensive review of the level 1 exam, carried out in consultation with industry experts. The aim of the consultation was to gain deeper insights into the knowledge, skills, and abilities demanded of modern insurance brokers. The feedback received confirmed the necessity for a stronger foundation in commercial insurance, aligning entry-level brokers’ skills more closely with those demanded by current industry practices.
Preparing for the Changes
RIBO is actively engaging both educators and prospective candidates, to facilitate a seamless transition. Understand the pivotal role educators play in shaping the future of insurance professionals, education providers are encouraged to utilize the new Competency Profile and the updated Level 1 exam blueprint. These resources are designed to empower educators to refresh course content and training programs, ensuring that aspiring brokers are well-equipped to thrive in the evolving insurance landscape.
For prospective candidates, this transformation has been made with their growth in mind. The enhanced L1 Acting Under Supervision exam, with its broader scope, will comprehensively assess understanding of crucial subjects, while the competency profile ensures brokers are equipped with the right skills and knowledge for the role.
The goal is to provide a collaborative and supportive environment for educators and candidates alike.
A Gradual Transition
In anticipation of the upcoming changes, RIBO will be working in collaboration with its exam service providers, the Insurance Institute of Canada (IIC) and the Insurance Brokers Association of Ontario (IBAO). These partnerships will involve the piloting of new exam questions, which are preliminary designed to assess effectiveness and relevance, starting November 2023. Results of the piloting process will be used to update the exams starting January 2024, however, the new exam blueprint and competency profile will not be officially introduced until January 1, 2025. Candidates will not be penalized for their performance on pilot questions and will be given 3 hours to complete all exam questions.
- Publication of New competency profile: Being released in September 2023 to allow educators and content developers adequate time to update their material but will not go into effect until January 1, 2025.
- Piloting of new exam questions: Starting November 2023 pilot questions will be introduced on the exam. Candidates will not be penalized for their performance on pilot questions and will be given 3 hours to complete all exam questions.
- Increasing the number of exam questions to 100: The results of the piloting process will be used to update the exam starting January 2024. The exam will now be graded out of 100 multiple-choice questions instead of 90.
- Refreshing the exam: The exam questions will be gradually refreshed throughout 2024 but the competencies being evaluated will not change until January 1, 2025.
|New competency profile and exam blueprint
|September 2023 – December 2024
|January 1, 2025
|Exam pilot questions
|November 2023 – ongoing
|Rolling bases, fully integrated January 1, 2025
|Exam refresh (100 multiple-choice exam questions)
|January 1, 2024*
*Fees for all RIBO exams will increase effective January 1, 2024. Fees are being increased from $250 to $300.
Accommodations During the Piloting Phase
To ensure the smoothest experience possible for all candidates, piloted questions will not impact the final scoring; they are designed solely for evaluation purposes. This approach will allow for adjustments to the exam’s content and structure, ensuring that the official launch in January 2025 meets the highest standards of accuracy and relevance.
A Broader Perspective
In its pursuit of excellence, RIBO is actively engaged with provincial regulators through the Canadian Insurance Services Regulatory Organizations (CISRO). This collaborative effort aims to harmonize entry-level qualifications across Canada, ensuring consistency and high standards throughout the industry.
The Registered Insurance Brokers of Ontario (RIBO) is the self-regulatory body for insurance brokers in Ontario. Established in October 1981, RIBO regulates the licensing, professional competence, ethical conduct, and insurance related financial obligations of all general insurance brokers in the province. For more information, please visit www.ribo.com.
SOURCE: Registered Insurance Brokers of Ontario (RIBO)Tags: RIBO