Registered Insurance Brokers of Ontario (RIBO) Exam 2026 – 400 Free Practice Questions to Pass the Exam

To be registered as an insurance broker when providing risk management services, receiving compensation for those services is a critical requirement. Compensation typically ensures that the individual is recognized as an active participant in the professional insurance brokerage arena rather than someone engaging in voluntary or unpaid advisory roles. This establishes a formal relationship with clients and legitimizes the broker's role in managing risk, as they are providing valuable expertise for which they are compensated.

Receiving compensation also helps to maintain a standard of professionalism and accountability. If a broker is being paid for their services, it indicates that they are expected to meet certain standards in their practice, which is essential for maintaining the integrity of the insurance industry.

Other options, such as being employed by an insurance company, possessing a university degree, or having a minimum of five years of experience, are not universally mandatory requirements for registration. While such qualifications might be beneficial or enhance credibility, they do not directly align with the basic criteria for registration as a broker focused on risk management. Therefore, compensation stands out as a vital component for registration in this field.