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News & Press: Miscellaneous

Exam Equivalency FAQs

February 6, 2020   (0 Comments)
Posted by: Carolyn Williamson

In October, 2019, after almost 6 years of meetings and presentations, the Alberta government issued the regulatory amendment allowing the General Insurance Council (GIC) to accept the CAIB designation as an equivalency for the provincial general insurance licensing exams.  Soon after the announcement, the GIC issued the “all clear” allowing the successful completion of CAIB courses in lieu of the provincial licensing exams. Since then, we have received a number of questions, so we thought we’d post a list of those most frequently asked, along with responses:

 

FAQ #1:

If I am just entering the broker channel, how do I obtain a Level 1 License using the CAIB program?

Answer: Students qualify for a Level 1 license by completing CAIB 1 and CAIB 2. Upon achieving both, they may apply for a Level 1 license. The last course must have been completed within the past 12 months.

FAQ #2:

I became a Level 1 licensee by completing CAIB 1 and CAIB 2. How do I obtain a Level 2 license using the CAIB Program?

Answer: Students who have obtained a Level 1 license using the CAIB Program can apply for a Level 2 license upon completing CAIB 3. The last course must have been completed within the past 12 months. You must remain at a Level 2 for 24 months before you can become a Level 3.

FAQ #3:

How do I qualify for a Level 3 License using the CAIB Program?

Answer: You must have completed CAIB 1, 2, 3 and 4. Those brokers who have been a Level 2 licensee for 24 of the previous 36 months and have obtained the CAIB designation, qualify for a Level 3 license. Although a Level 3 license is required to become the Designated Representative (DR), responsible for the management and supervision of the agency, there is only be one DR permitted in an agency. If you obtain your CAIB, you would be eligible to apply for the Level 3 in the event the DR role becomes vacant.

FAQ #4:

If I have already completed the CAIB requirements for any given licensing level prior to October 2019, do I qualify to apply for the appropriate license?

Answer: Yes, provided you completed the requirements within the prior 12 month period.

FAQ #5:

If I have completed the requirements for a given license using the CAIB program more than 12 months ago, can I still qualify for a Level 1 or 2 License?

Answer: Yes you can, by re-writing a qualified CAIB exam and applying for your license within the following 12 months.

FAQ #6:

If I currently hold a CAIB Designation, can I qualify for a Level 3 license and become the Designated Representative without writing the Level 3 licensing exam?

Answer: Yes you can, provided you have been a Level 2 licensee for 24 of the past 36 months.

FAQ #7:

What if I leave the brokerage industry, but have completed and pay annually to maintain my full CAIB Designation? If I re-enter the broker channel, can I re-qualify for a license?

Answer: Yes, but you must re-write the appropriate CAIB exam to re-qualify. It is advisable to rewrite the CAIB 4 exam, then you will be eligible for a Level 2 license. You would still need to remain a Level 2 for the qualifying 24 months before being eligible for a Level 3 license.

FAQ #8:

Given the same circumstances as in FAQ #7, would I qualify for a Level 3 license if I rewrite the CAIB 4 exam?

Answer: Not immediately, you would still need to remain a Level 2 licensee for 24 out of the next 36 months.

 

If you would like further information, feel free to contact the IBAA office at 780-424-3320, 1-800-318-0197, or Janis Losie at jlosie@ibaa.ca.


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