COULD ANY FELLOW CAN TELL ME IF ONE CAN WORK AS MORTGAGE CONSULTANT/AGENT AND AT THE SAME CAN HE SELL RESP/RRSP/AUTO/HOME(RIBO) INSURANCE IN ONTARIO. WHAT TYPE OF LICENSE REQUIRED IN ORDER TO SELL MORTGAGE/RESP/RRSP AND I KNOW FOR SELLING AUTO AND HOME ONE NEED TO DO RIBO LICENSING . I WANT TO KNOW IF ONE CAN WORK
SIMULTANEOUSLY THESE TWO OR THREE JOBS FROM HOME/OFFICE. THANKS IN ADVANCE.
-----------------------------------------------------------------
daisyfromottawa
Location: carl sagan's universe
Posted on: 06-06-08 15:18:02
Yes you can be licensed for selling RESP/RRSP/mortgages/insurance all at the same time.
For RESP and RRSP, if you want to provide scholarship programs, mutual funds, stocks, bonds then you have to pass several exams which may be specific to the company's programs like Allianz, Global , CET or what have you for RESP. For mutual funds it is IFIC for stocks it's CSC or CSC for both mutual fudns and stocks.For labor sponsored funds it's another LSIF exam. For insurance you have the RIBO or the life insurance exam if you wish to sell life insurance.
For mortgages there is another exam and there are new laws coming into effect this July.
Plenty of info on the net.
Thanks so much.Sir Ji
-----------------------------------------------------------------
daisyfromottawa
Quote:
Originally posted by investpro
Yes you can be licensed for selling RESP/RRSP/mortgages/insurance all at the same time.
For RESP and RRSP, if you want to provide scholarship programs, mutual funds, stocks, bonds then you have to pass several exams which may be specific to the company's programs like Allianz, Global , CET or what have you for RESP. For mutual funds it is IFIC for stocks it's CSC or CSC for both mutual fudns and stocks.For labor sponsored funds it's another LSIF exam. For insurance you have the RIBO or the life insurance exam if you wish to sell life insurance.
For mortgages there is another exam and there are new laws coming into effect this July.
Plenty of info on the net.
I wish it was this easy to get both licenses for a person who has recently got the RIBO license.
I am pasting some information from RIBO website below;
Only Employment Requirements
Ontario Regulation 991, Section 5 outlines the registration requirements for an individual. It is legislated that the 'only business or employment' of an individual be that of an insurance broker, or an insurance broker/life agent.
An application for a Secondary Business Exemption must be made to the Qualification and Registration Committee for any other business involvement or employment by submitting a letter of request and completing a secondary business exemption form. A letter from the Principal Broker outlining the qualifications of the individual and supporting the request for the exemption must accompany the application. An individual must be granted an exemption from the Qualification & Registration Committee prior to any involvement in a secondary occupation.
The Qualification & Registration Committee will allow exemptions for individuals licensed for a minimum of two (2) consecutive years, to carry on business as a general insurance broker and/or life agent along with one other licensed occupation from the non-insurance financial services group, limiting individuals to three (3) licenses. A completed Financial Products Application for Individuals must accompany the documentation.
Individuals who hold a license for the non-insurance financial services, i.e. mutual funds, must resign it and hold a RIBO license for two (2) consecutive years prior to applying for a Secondary Business exemption for the non-insurance financial service.
Here is the http://www.ribo.ca/br_license.html#only
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Pramod-ji, thank you, I just got a mail from RIBO, one can't work as mortgage consultant with RIBO.
-----------------------------------------------------------------
daisyfromottawa
