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To become an insurance agent in Ontario, candidates must pass the OTL examination and submit an application for a license. In Ontario, no one can start their job without an OTL license. If you want more information, remember to look at the OTL license guide by PNC Learning. Everything you need to know will be available to you under one roof.
It is equally essential to understand OTL before moving on with its requirements.
What exactly is an OTL license?
The OTL license, which stands for “other than life,” is for people interested in selling asset insurance, including motor insurance, in the state of Ontario. This license is obtained through FSRA (Financial Services Regulatory Authority of Ontario), also known as general insurance.
If you wish to become a general insurer or an OTL-certified insurer, you should be supported by an existing licensed insurer. In addition, your sponsor will be held accountable for ensuring you complete all licensing criteria and administering the OTL license application process. Furthermore, you will be responsible for keeping your license current as an agent.
OTL licensing fees
When you fill out the application for an OTL license, about $250 is charged, which also covers the next two years. However, it is best to consult with the authorities regarding current regulations.
OTL licensing requirements
Anyone wishing for an OTL license must pass the insurance institute’s OTL agent’s exam. The institute provides options to assist you in preparing for the tests. You can take virtual lessons or purchase a study kit covering all exam areas. You can consult the OTL license guide by PNC learning for additional information.
After passing the exam, the candidate typically has one year to register for the OTL license.If insurance is your passion and you want to make it a career, you can submit an OTL license application and get started.Click To Tweet
People with a CIP (chartered insurance professional) designation or who have cleared the RIBO (Registered Insurance Brokers of Ontario) exam will be excluded from taking this exam and can directly fill out the form for the OTL license.
However, they may still be required to produce any proofs listed below to be considered exempt.
- The CIP member’s page displays the current status with the expiration date.
- An authentic letter from the insurance institute with the expiration date between the past year.
- Proof of a RIBO exam taken in the previous year.
- RIBO resignation email confirmation with registration id and date of resignation. You should have resigned somewhere in the past two years for the letter to be accepted.
Things to keep in mind
Like any other license requirement, the OTL license has a precise checklist that must be fulfilled. The items listed below must be present before you may sign up for the OTL license.
- You must have a licensed sponsor who is willing to sponsor.
- Most significantly, it would help if you were qualified for the license.
- Clear the OTL agent’s exam or meet one of the exemption eligibility criteria.
- You should have a mailing address in Ontario where you can get any confirmations.
- An email id where FSRA can reach you.
Once you’ve checked off everything on the checklist for the license, complete the application via the OTL license page and make the payments.
Once the FSRA approves the application, the license is issued within ten business days.
If insurance is your passion and you want to make it a career, you can submit an OTL license application and get started. Before applying for the permit, always make sure you have checked all of the parameters and passed the OTL agent’s exam. Once the license is approved, update your postal address and email address on the file for receiving your request.