Obtaining a Licence
To be a general insurance broker in Saskatchewan you are required to hold an “All Classes other than Life” licence. Licenses 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.
Students 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 the individual licence application is approved by the GICS, 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.
Note: An individual has up to one year, after successful completion of any licensing exam, to apply for a licence.
There are four levels of general insurance licence. Each level can be applied for after successfully completing the following education requirements, as identified by the GICS.
Restricted Auto Licence (optional)
A person applying for a Restricted Auto Licence must successfully complete both the Part 1 and Part 2 of the Auto Course, as well as the GICS Bylaws (Auto or General) exam. Part 1 requires completion of either the IBAS Auto Part 1 Basic Course OR the SGI Issuer Training program. Part 2 requires completion of the IBAS Auto Part 2 Extension Course.
It is important to note that the Auto Part 1 Basic course is equivalent to the SGI Issuer Training course that was previously a requirement to write the Extended Automotive Insurance Course. The Extended Automotive Insurance course has been re-branded as the IBAS Auto Part 2 Extension Course.
A Restricted Auto licensee shall be limited to the sale of automobile insurance, excluding any insurance for vehicles that are used commercially. For the purposes of this licence, “used commercially” is defined as: “Any vehicle whose primary purpose is for conduct of business, including conveyance of passengers for hire and conveyance of goods for hire but not including farm use”.
Level 1 Licence
A person applying for a Level 1 Licence must successfully complete the GICS Bylaws exam, the Auto Insurance course 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.
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 CAIB 1 exam, the Auto Insurance course and the GICS Bylaws exam they are 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 the CAIB 2 and CAIB 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 a general insurance broker’s licence is obtained in Saskatchewan, it must be renewed annually by the General Insurance Council of Saskatchewan (GICS). In order to maintain the licence, it is required that the individual must meet the Council’s Continuing Education requirements.
Restricted Auto Licensees are required to complete a minimum of (3) credit hours of continuing education per year.
All Classes other than Life Licensees must complete a minimum of twelve (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 (8) 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 course provider and will issue a certificate or letter of completion for all IBAS education courses and seminars.
For licensing inquiries – contact the Insurance Councils of Saskatchewan at 306-347-0862.
For information on IBAS courses – contact the IBAS Education/Professional Development Department at 306-525-5900.