Registering a Business

Insurance Brokerage Licensing

An active member firm registration is required for any business (sole proprietorship, partnership or corporation) that wishes to transact general insurance or be identified in any way to the public as an insurance brokerage. Registration must be completed prior to the business conducting any general insurance business in the name applied for.

As a broker firms must be able to provide some choice of produce to a consumer and the Compulsory Automobile Insurance Act requires that an application for automobile insurance be provided when requested, two (2) letters of intent from contracted insurers must accompany the application for registration.

Active member firms must have an Ontario “Place of Business” address and/or an attended Ontario “Mailing Address” regardless of principal place of business. The brokerage office must be separate to ensure confidentiality of conversations and the contents of client files and to provide security for trust monies awaiting deposit. The premises of the brokerage office must also be clearly identified to avoid any confusion on the part of the consumer as to the independence of the brokerage operation from other businesses on the premises.

You may submit a firm application using the online firm registration form: https://ribo.com/firm%20registration

For information on what documents you need to provide along with your firm application, please see the Firm Document Checklist

Managing General Agents

Managing General Agent ("MG") licensing in the province of Ontario as it is not mandatory. That said, RIBO has developed a voluntary licensing framework two decades ago in response to the industry's need for regulation. Over time a significant number of MGAs have chosen to be voluntary licensed with RIBO. As of this date they need to meet many of the same requirements as insurance brokerages to be licensed including having capacity from an insurer and maintaining proper E&O and Fidelity Coverage.

MGAs seeking licensing in Ontario may apply for a license using the online firm registration form: https://ribo.com/firm%20registration

Only Business Requirements

Ontario Regulation 991, Sections 6 and 7, outline the registration requirements for a corporation, partnership and sole proprietorship. It is legislated that the “only business” of a firm be that of an insurance broker, or an insurance broker/life agent.

An application for a Secondary Business Exemption must be made to the Qualification and Registration Committee for any other business involvement. The Principal Broker submits a letter of request outlining the details of the other business. A firm must be granted an exemption from the Qualification & Registration Committee prior to any involvement in the other business.: FAQs – Registered Insurance Brokers of Ontario – RIBO

Updated on: 19/12/2023