Obtaining a Licence

To be a general insurance broker in Saskatchewan you are required to hold an "All Classes of Insurance Other Than Life Insurance" licence. Licences are issued by the General Insurance Council of Saskatchewan (GICS) to applicants who meet all educational requirements. The GICS also reviews all applicants for suitability.

You do not need to be employed in the industry to take IBAS courses, however a licence will only be granted to those individuals who are sponsored by a licensed insurance brokerage.

Once you are licensed, any change in occupation or sponsor must be reported to the GICS. All inquiries regarding licensing should be made to the GICS at (306) 347-0862.

Licensing Requirements

There are three levels of general insurance licence. Each level can be applied for after successfully completing the following education requirements, as identified by the GICS.

Level 1 Licence

A person applying for a Level 1 Licence must successfully complete the GICS Bylaws exam AND one of the following:

Fundamentals of Insurance Course
This course is intended for people with little or no insurance industry experience and offers a firm understanding of the terminology and basic concepts of the insurance industry.

OR

Canadian Accredited Insurance Broker (CAIB) 1 Course
This course is an option for people with existing industry knowledge and related work experience.

Once a student successfully completes the Fundamentals of Insurance exam or the CAIB 1 exam and the GICS Bylaws exam, he/she is eligible to apply for a Level 1 Licence.

According to the GICS Bylaws, a Level 1 licensee shall not:

• act in the transaction of commercial lines insurance unless supervised by a Level 2 or Level 3 licensee; or
• manage an agency; or
• act as a supervisor.

Level 2 Licence

A person applying for a Level 2 Licence must meet the licensing qualifications for a Level 1 Licence and successfully complete CAIB 2 & 3 courses.

According to the GICS Bylaws, a Level 2 licensee shall not manage an agency.

Level 3 Licence

A person applying for a Level 3 licence must meet the licensing qualifications for a Level 2 licence and successfully complete the CAIB 4 course.

According to the GICS Bylaws, a Level 3 licensee shall not:

• manage an agency unless he/she has at least 2 years experience as a licensed agent within the past 5 years; or
• manage or supervise more than 3 office locations.

Maintaining a Licence

Once you obtain a general insurance broker's licence in Saskatchewan, it must be renewed annually by the General Insurance Council of Saskatchewan (GICS). In order to maintain your licence, you must meet the Council's Continuing Education requirements.

Licensees must complete a minimum of 12 credit hours each year unless they have 25 years of continuous experience or hold a recognized insurance designation.

Licensees who have at least 25 years of continuous experience in the general insurance industry or who hold one of the following recognized insurance designations must complete a minimum of eight credit hours each year:

• CAIB Canadian Accredited Insurance Broker
• CPIB Canadian Professional Insurance Broker
• CCIB Canadian Certified Insurance Broker

Excess credit hours cannot be carried over to the next reporting period.

Licensees are required to maintain a record of their credit hours and disclose them to the GICS on their annual licence renewal form.

IBAS is an accredited continuing education course provider and will issue a certificate of completion for all IBAS education seminars and programs.

Contacts

For licensing inquiries - contact the Insurance Councils of Saskatchewan at (306) 347-0862.

For information on IBAS courses and programs - contact Jody Mostat at (306) 525-5900.