Funding Eligibility

The IBAS Indigenous Broker Development Program (the “Program”) reimburses brokerages up to $25,000 per brokerage for the following costs (in any combination thereof) — all of which must be incurred following Program approval and within one year of Program acceptance:

Recruitment

Expenses directly related to the intended recruitment and onboarding of new Indigenous employees as prospective property and casualty ("P&C") insurance brokers (may initially hold any position within the brokerage) — to a maximum of $10,000. Eligible expenses may include but are not limited to:

• Fees paid to a third-party agency specializing in Indigenous recruitment;
• Registration and/or travel costs to attend Indigenous job fairs or other job fairs where there is a reasonable likelihood of notable Indigenous participation;
• Advertising or similar costs related to the promotion of career opportunities on job boards or other mediums (such as community bulletins or local radio stations) that may be more accessible to prospective Indigenous employees; and
• Internal capacity-building measures to better prepare the brokerage to increase its Indigenous workforce, such as specialized training or incremental costs related to Indigenous employee engagement activities.

Employee Wages

Regular wages or salary to a maximum of $5,000 per month for new Indigenous employees — or Indigenous employees who have started at the brokerage within the preceding three months. These employees must not have worked for another Saskatchewan P&C insurance brokerage within the previous 365 days.

Ineligible expenses include but are not limited to commission, employer-paid benefits, hiring bonuses, and other employment costs, such as Workers’ Compensation Board premiums or Canadian Pension Plan payments.

Licensing

Certain costs directly pertaining to the Saskatchewan-based licensing of Indigenous employees, such as:

• Canadian Accredited Insurance Broker and/or Fundamentals of Insurance exam, textbook, and course fees purchased through IBAS — regardless of employee tenure or previous employment history;
• Technical training fees where continuing education credit hours are awarded, to a cumulative Program maximum of $2,500; and
• General Insurance Council of Saskatchewan ("GICS") annual licensing fees for first-time licensees.

Please note that SGI has also made GICS By-laws, GICS Auto Bylaws, IBAS Auto Part I, and IBAS Auto Part II exams free to all member brokerage employees (must be written through IBAS).

 

Should you have questions about funding eligibility, please contact ibdp@ibas.ca.