How To Become An Insurance Agent In Ontario (2023)
If you have a knack for sales and your active persuasion skills are off the charts, an insurance career can be the right fit for you. Typically, an insurance agent sources the best policies, products, and prices from multiple corporations. They are consumers’ main source of unconventional, expert sales security.
To become licenced as an insurance agent, you must successfully ace the qualifying examination to obtain a general insurance license.
An insurance agent in Ontario differs from an insurance broker who can work with multiple insurance companies. You can only be affiliated with one insurance company and sell their products.
Insurance agents need to be licenced and regulated by provincial governments to protect Canadian consumers. Please note that you need to find paid employment within two years upon receiving your insurance agent certificate.
How To Become An Insurance Agent In Ontario
Like every other profession, you need to get fundamental training and be accustomed to workplace rules and regulations. You need to meet the following requirements:
1. Complete a General Insurance Agent online application by providing necessary documents and paying the required application fee of $150.00. The examination results are valid for one year and must be forwarded to the Financial Services Commission of Ontario (FSCO) when applying.
2. Be sponsored by a licensed insurer or company. The provincial government will hold your sponsoring company or insurer responsible for investigating your track record and confirming your level of work accountability.
3. You must be of good conduct and willing to comply with the Ontario legal requirements and the requirements of the agent’s licence.
4. You can only carry out business transactions and negotiations as a general insurance agent in the name of the company you are affiliated with.
5. You must possess the minimum educational requirement of a High School Diploma.
A two-year business insurance program that is structured to give you general insurance industry training required to practice in the insurance field.
Where Can I Get Certified As An Insurance Agent In Ontario?
You have the necessary prerequisites and are ready to dive into the world of insurance, so here are some institutes that offer certificate programs that will educate you on the required technical practices and customer service relations to be a top-notch insurance agent:
● Registered insurance brokers of Ontario
● ABBA insurance services
● Ontario auto insurance
● Insurance institute, Toronto
● Tri-con insurance services
● State farm insurance agents
● Aligned insurance
● Allianz global assistance
● Acumen insurance group incorporated
● Centre For Study of Insurance Operations
The training received in these insurance institutions will give you the communication, problem-solving and administrative skills necessary to act as a solid link between insurance companies and clients.
You can also apply to a college that offers a one-year certificate program, which will teach you the basics of client communication and retention.
Where Can I Work As An Insurance Agent In Ontario?
So you got certified as an insurance agent? Congratulations. Now it’s time to apply your knowledge in real-life scenarios. Some of the companies you can use to are:
● Northwest insurance group
● Lifestyle insurance
● Bestbuy insurance brokers Inc
● Ontario medicare agent
● SR 22 insurance, Ontario
● Dewhurst insurance limited
● Wawanesa insurance
● Allstate Insurance: Alyssa E. Craig
● Aviva Agency Services Inc.
● Youngs Insurance Brokers Inc
● Beno insurance
● Allstate Insurance: Giovanni Gallo
● SurNet Insurance Group Inc
● Glendon Insurance Services
● Gillons insurance brokers limited
● Stoneridge insurance brokers
● RBC insurance
● Allstate Insurance: Scott Cameron Wilcken
Certificate Renewals for Insurance Agents in Ontario
In Ontario, FSCO licenses general insurance agents who are employees of insurance companies. The Registered Insurance Brokers of Ontario (RIBO) authorizes persons employed by insurance brokers.
You can only renew your insurance agent licence every two years. Suppose you do not continue or apply for an insurance authorization for more than two years. In that case, you will have to reapply as a new agent and re-write the general insurance examination. You should also ensure you renew your licence 60 days before the expiry date on the existing licence.
All insurance licences require two years of mandatory sponsorship by a recognized insurer.
After two years of continuous sponsorship, you are required to terminate the support and provide your authorization requirements.
When moving to a non-sponsored licence, you should ensure that you have the following for a renewal:
● Two years of sponsored agent experience
● Current or active E&O insurance in your name
● Thirty hours of continuing training.
You are required to have a mailing address in Ontario. You will not be allowed to use an out-of-province address. You can also request a change of address when filling out your online application, as there is no charge for an address change.
Name Change and Transfers for Insurance Agents in Ontario
You can request a change of insurer or sponsoring company. The fee for a transfer is $50, payable to the Minister of Finance. Every payment is made either through a credit card or by pre-payment.
You can request an update to your legal name by writing to FSCO and providing the required documents, such as a copy of a birth or marriage certificate. The fee for a name change is $25.
Cheques returned due to non-sufficient funds will attract a $35.00 charge.
What If I Have A Practising Licence In Another Province?
As a general rule, If you are already licensed to sell insurance in any Canadian province, you do not require additional exams to apply for a license to become an insurance agent in Ontario.
The tenable legal exemptions for a practicing licence in Ontario are certificates from the Chartered Insurance Professional (CIP) or success certificates from The Registered Insurance Brokers of Ontario (RIBO) examination. You will also be exempted from Ontario’s education requirements.
You will need to provide a Certificate of Authority from your home province to the province in Ontario to qualify for an operating license or additional licences.
Also, suppose you have been licensed for more than two years in another province. In that case, you will be required to submit an application in paper format with a letter of authority providing proof of your accumulated years of experience.