Becoming An Insurance Broker: Alberta's Requirements And Steps

If you're interested in becoming an insurance broker in Alberta, you'll need to get licensed by the Alberta Insurance Council (AIC). This involves passing the AIC General Insurance Level 1 licensing exam, which you can prepare for by taking a course with an AIC-approved GLQP education provider. Once you've passed the exam, you can work at any insurance brokerage in Alberta, and if you move to another province, you can simply apply for a license transfer.

To get your Level 1 license, you have two options: the CAIB designation or the AIC General Insurance licensing exams. The CAIB designation is a nationally recognized professional designation with a higher success rate and a deeper level of general insurance knowledge. With the AIC licensing exams, you'll need to pass one exam per license level.

In addition to passing the required exam, there are several other requirements you must meet to obtain your license, including submitting a security clearance document, being recommended by an authorized person, and carrying Errors and Omissions Insurance.

It's important to note that education requirements vary by insurance license class and level, so be sure to check the specific requirements for the type of license you're interested in.

Pass the Alberta Insurance Council (AIC) General Insurance Level 1 licensing exam

To become an insurance broker in Alberta, you need to pass the Alberta Insurance Council (AIC) General Insurance Level 1 licensing exam. The AIC is the regulatory body that oversees insurance licensing in Alberta. The Level 1 licensing exam is recommended for those new to the insurance business who want to learn the fundamentals of insurance. Once you have passed the Level 1 Licensing exam, you can sell general insurance within the province of Alberta.

To register for the exam, you need to take a course with an AIC-approved GLQP education provider. The Royal Alberta College is an example of an AIC-approved provider. They offer a flexible, self-guided learning experience, where learners can study at their own pace. The course can be purchased directly from the RAC website, and learners can start immediately after enrolment. The course consists of 17 chapters, each including questions in the form of mini case scenarios, narrative questions, multiple-choice questions, and a practice final examination.

Once you have completed the course, you will receive a certificate of completion. You will then need to register for the AIC exam independently, as exam schedules and fees are handled directly by the AIC. To be eligible to take the exam, you must complete the General Insurance Licensing Program (GLPQ). This can be done either through a Level 1 program or by taking a mock Level 1 license exam. You must attain a score of 80% on the mock exam before you can attempt the AIC licensing exam.

The Level 1 Licensing exam is just the first step to becoming an insurance broker in Alberta. There are three levels of licensing courses and exams that build on your insurance knowledge and prepare you for various careers in the industry. Level 2 licensing is intended to advance your career in insurance and is needed to take on a supervisory role within a brokerage. Level 3 licensing allows you to take on management duties in a brokerage.

Study an approved course

To become an insurance broker in Alberta, you need to pass the Alberta Insurance Council (AIC) General Insurance Level 1 licensing exam. To be eligible to take this exam, you must complete a course with an AIC-approved GLQP (General Licensing Qualification Program) education provider.

PNC Learning is one such approved provider, offering a variety of study options for the Alberta Level 1 Course, including an online self-study course and week-long in-person or virtual classroom training. Once you have completed the course, you will receive a certification that allows you to register for the provincial GIL 1 exam with the AIC.

The Level 1 course will cover the fundamentals of insurance, including key terms and definitions, principles and practices, major classes of insurance, insurance contracts and the law, and underwriting considerations for different types of insurance. This course is designed for those new to the insurance business and will provide a strong foundation for your career as an insurance broker.

After completing the course and passing the Level 1 exam, you will be ready to work at any insurance brokerage in Alberta. If you wish to advance your career and take on more responsibilities, you can continue your education by pursuing higher licensing levels. Level 2 licensing will enable you to take on supervisory roles, while Level 3 licensing will qualify you for management duties within a brokerage.

In addition to the licensing exams, you can also pursue professional designations, such as the Canadian Accredited Insurance Broker (CAIB) program, which consists of four courses and national examinations. This program is recognised across Canada and will enhance your credibility and business competence.

By studying an approved course and passing the required licensing exams, you will be well on your way to becoming a successful insurance broker in Alberta.

Register for the exam

To register for the Alberta Insurance Council (AIC) General Insurance Level 1 licensing exam, you must first complete a course with an AIC-approved GLQP (General Licensing Qualification Program) education provider.

PNC Learning is one such approved provider, offering a variety of study options, from an online self-study Alberta Level 1 course to week-long in-person or virtual classroom training. Once you have completed the course, you will receive a certification that allows you to register for the provincial GIL 1 exam with the AIC.

After completing the course, you will receive further instructions via email on how to register for the exam. Additional Alberta exam registration information is also available within the course.

The AIC also provides a list of approved educators offering courses to prepare students for the licensure examinations. It is recommended that prospective agents and brokers discuss their training options with potential employers before enrolling in an education program.

Some brokerages will take on prospective brokers and help them through the licensing process, so checking job listings for brokerages that are hiring can be a good place to start.

Pass the exam to work at any insurance brokerage in Alberta

To pass the exam and work at any insurance brokerage in Alberta, you must first become licensed by the Alberta Insurance Council (AIC). This involves passing the AIC's General Insurance Level 1 licensing exam. To register for the exam, you must take a course with an AIC-approved GLQP education provider.

PNC Learning is one such approved provider, offering a variety of study options, from an online self-study Alberta Level 1 course to week-long in-person or virtual classroom training. Once you have completed the course, you will be issued a certification that allows you to register for the provincial GIL 1 exam with the AIC.

After passing the exam, you will be qualified to work at any insurance brokerage in Alberta. The exam will test your knowledge of insurance concepts, key terms and definitions, principles and practices of insurance, major classes of insurance, insurance contracts and the law, and underwriting considerations for different types of insurance.

If you wish to advance your career and take on more senior roles within a brokerage, you can pursue higher levels of licensing. Level 2 licensing enables you to take on supervisory roles, while Level 3 licensing allows you to assume management duties.

Additionally, there are professional designations you can pursue outside the legislated requirement for licensing, such as the Chartered Insurance Professional (CIP) and Canadian Accredited Insurance Broker (CAIB) designations. These designations can enhance your credibility and expertise in the insurance industry.

Apply for a license transfer if you want to work in another province

To become an insurance broker in Alberta, you must pass the Alberta Insurance Council (AIC) General Insurance Level 1 licensing exam. If you want to work in another province, you can apply for a license transfer.

The process for transferring your license will depend on the province you are moving to. Each province has its own regulatory body for insurance brokers, and you will need to contact the relevant body to find out the specific requirements. For example, if you are moving to Ontario, you can apply for a license transfer through the Financial Services Regulatory Authority of Ontario (FSRA). The FSRA requires insurance agents from other provinces to complete the auto insurance exam and pay a $150 fee to obtain an Ontario license.

It is important to note that each province has different licensing levels and requirements. While your Level 1 license in Alberta may be sufficient to work in another province, you may need to obtain a higher-level license to be eligible for certain positions or advancement opportunities.

Additionally, some provinces have agreements in place that allow for the mutual recognition of licenses. For example, Alberta has an agreement with Saskatchewan that allows licensed insurance brokers in one province to work in the other without having to obtain a separate license.

To ensure a smooth transition when moving to another province, it is recommended to contact the relevant regulatory body and review the specific requirements and procedures for transferring your license. This will help you understand the necessary steps, fees, and any potential exemptions you may be eligible for.

Frequently asked questions