Known as the breadbasket of Canada, the province of Saskatchewan can be a great place to live and work in. With its miles of flat land and wide-open spaces, Saskatchewan can be an idyllic location. And since this province has a mix of different industries like agriculture, mining, and energy, the province promises many business and employment opportunities.
If you’re considering breaking into the insurance industry, becoming a broker in Saskatchewan can be a viable option, as there are many small businesses, and a thriving economy means a growing community. These factors drive the demand for commercial insurance. In addition, as with other jurisdictions automobile insurance is mandatory in the province.
But how do you become an insurance broker in Saskatchewan?
In this article, Insurance Business tackles this and other pertinent questions like:
We’ll cover these and more, so let’s get right into it.
Regardless of the jurisdiction, the role of insurance brokers is the same – that is to act as intermediaries between clients and insurance companies. This contrasts with the role of insurance agents, who primarily represent insurance providers.
A broker’s main duties and responsibilities include:
One of the main differences between insurance brokers and agents is that insurance brokers have a fiduciary duty or an obligation to work in their clients’ best interests.
Insurance agents are often experts at the insurance products they sell since they specialize only in those products; they are also more motivated to push these products to clients. On the other hand, insurance brokers offer impartial advice on a range of insurance products. Additionally, brokers can only negotiate rates or premiums on behalf of their clients, and they cannot close insurance sales.
As with most provinces and territories in Canada, the only formal educational requirement aspiring brokers must meet is a high school diploma or GED equivalent. Some candidates may wonder whether they need to have a college degree. The simple answer to this is they don’t -- a college degree is not necessary to become a broker in Saskatchewan.
The process of becoming an insurance broker in Saskatchewan is very similar to getting an insurance licence in most other provinces. The only exception is British Columbia – where a college degree is an essential part of the educational requirements.
Knowing this, should you still obtain a college degree before getting licensed as a broker? That depends on the candidate. A college degree does offer some advantages. For instance, the insurance industry is chock full of different terms and jargon that aren’t always easy to grasp.
Obtaining a college degree can help aspiring brokers gain familiarity with insurance terms and equip them with knowledge to make it easier to navigate the nuances of the insurance industry. This is especially true with courses that touch on different aspects of insurance like law, business, communication, marketing, finance, accounting, or psychology.
Becoming a broker in this province is a straightforward process. Here’s how to do it step-by-step:
The only eligibility requirements you need to be concerned with are:
The General Insurance Council of Saskatchewan (GICS) requires candidates to take prelicensing courses. There are several course providers in the province, but the most popular insurance courses are from the Insurance Brokers Association of Saskatchewan (IBAS).
These are the prelicensing courses that are typically required to obtain a licence:
Fundamentals of Insurance – this is a foundational course for those new to the insurance industry, covering all the basics of insurance
Canadian Accredited Insurance Brokers (CAIB) - a more advanced course, the CAIB covers the knowledge and skills necessary for insurance brokering
Restricted Auto Insurance – this is a course for those who intend to become specialist brokers of auto insurance; note that this is only for those who want to offer car insurance exclusively
Once candidates have completed the required courses, they can take the corresponding exams required by the GICS, including:
General Insurance Council Bylaw Examination – this exam covers broker candidates’ knowledge and understanding of policies and regulations in the local insurance industry
CAIB exams – these exams cover the appropriate licence levels of individual broker candidates. Starting brokers must take CAIB 1, while CAIB 2 and CAIB 3 are reserved for licensed brokers who wish to obtain higher broker levels
Candidates must have a grade of 60% or higher to pass these exams.
One of the most important rules for getting a broker licence in Saskatchewan is to have a sponsor for the licence application. After taking the exam, aspiring brokers must secure employment in a licensed brokerage firm that can sponsor their licence application. Getting employed at a brokerage is crucial since only employer-sponsored candidates are allowed to apply for a broker licence.
The reason for this requirement is that would-be brokers have mentorship and are already gaining practical experience and knowledge. This also ensures that insurance professionals in the province are held to a common standard.
After securing employment and getting sponsored, broker candidates can submit their licence application, which will include:
Participating in continual professional development courses or Continuing Education (CE) courses is mandatory for maintaining a broker’s licence in Saskatchewan. These requirements involve:
In the case of more seasoned brokers, such as those with 25 years’ worth of experience or more, these CE requirements may be reduced to eight hours every year. These CE reductions also apply to those with designations like the CAIB, CPIB, or CCIB.
Yes. Broker candidates can take the courses offered by these providers. For instance, there’s the Insurance Institute of Canada, a course provider that’s accredited by the Insurance Councils. If you’re considering a pre-licensing course from another provider, use these criteria to determine their viability:
Course accreditation: make sure that the course and course provider are accredited by the GICS
Course content: check that the course materials and content are relevant to what’s covered in the licensing exams
Course flexibility: if you have a busy schedule, try to find courses that can be offered online or during the evenings
The Insurance Councils of Saskatchewan (ICS) consist of three separate insurance councils, operating under the authority delegated by the Superintendent of Insurance. Their main functions are to license and regulate insurance agents, brokers, adjusters, and agencies within Saskatchewan. These councils are:
This body regulates the following in the province:
This council regulates life and accident and sickness agents. This also includes agencies, MGAs, and TPAs.
This is the overall board for the insurance industry in Saskatchewan.
These Councils have the authority to license individuals and businesses and impose conditions or restrictions on licensees. They can also initiate investigations and compliance audits into the conduct of insurance licensees in response to complaints. Finally, the Councils determine if any breaches of the provisions of The Insurance Act, The Insurance Regulations, or the Council Bylaws were committed by licensees.
The average salary for an insurance broker in Saskatchewan is around $86,159 a year, which is approximately $7,180 a month or $41 an hour.
If you meet the eligibility criteria for becoming a broker and have completed the licensing exams, you can proceed to apply for your broker licence in the province. Fortunately, much of the process is done online, doing away with long lines and waiting periods. Here are the steps:
Step 1. Register for an account in the Saskatchewan online licensing portal.
Step 2. Complete the Canadian Council of Insurance Regulators (CCIR) application form with the Registration and Licensing System.
Step 3. Provide the supporting materials or documents with the CCIR Licence Kit.
Step 4. Pay the application fee of $1,000.
Step 5. Complete a Criminal Record Check.
Step 6. Attach proof of completion of the required education and experience requirements.
You can check the status of your application by logging in to your account on the online licensing portal. Note that applications are reviewed in the order they are received and the time for approval can vary based on volume.
Yes, the outlook for insurance broker positions in the province is generally positive for the next couple of years. According to an assessment by the government’s job bank, demand for brokers remains steady in the period of 2024 to 2026.
Further analysis of the broker job market there has revealed that broker jobs will reach 40,500 from 2022 to 2031, with new job seekers numbering around 50,600.
This is despite a stream of new brokers who have come from different industries from some years ago. In fact, the influx of new brokers has prompted the IBAS to form a new council for new brokers who are of age but aren’t necessarily young.
Becoming a broker in the province of Saskatchewan can lead to a long and fruitful career in the insurance industry there. However, the high number of job seekers will make vying for these positions more competitive.
A sound strategy to secure employment is to get good grades and obtain a college degree if possible. Also, strive to prove to your employer-sponsor and the Insurance Councils that you would make an exemplary broker.
Once you are a licensed broker, remember that your profession requires continuing professional development and constantly expanding your network. You can also use guides like ours on effective marketing strategies to make your brokering practice a success.
Did you find this guide on how to become an insurance broker in Saskatchewan informative? Share your thoughts in the comments section.
