By-Laws Flashcards
Act
Means the Registered Insurance Brokers Act, and any statute that may be substituted therefor, as from time to time amended
By-Law
Means any by-law of the corporation from time to time in force and effect
Council Member
Means any member of the Council including any member who is not a member of the corporation
Meeting of Members
Includes an annual or special general meeting of members
Quorum
Minimum number of members of an assembly necessary to conduct a meeting. 6 members in person or by proxy to constitute a quorum. 2 members in person or by proxy any meeting of members for the choice of a chairmen and adjournment.
Repeal
Removal or reversal of a law
Other than the 3 core committees, what other committees can be established
1 Professional Development Committee
2 Legislation Committee
3 Administration and Finance Committee
4 Marketing/Communications Committee
What year was RIBO established
1981
What does RIBO do
regulate the licensing, professional competence, ethical conduct and insurance related financial obligations of all independent general insurance brokers in Ontario.
What is an insurance broker?
An independent insurance professional governed by the RIBO Act, operating in Ontario.
Who must RIBO provide a copy of its annual report to?
Minister of Finance
Superintendent of Financial Institutions
Every RIBO Registrant
When is the end of the financial year and how long until they must provide members an annual report
July 31st and 4 months.
Requirements of Insurance Broker (4 points)
Properly Licensed
Code of Conduct
Meet Qualification Standards CE Credits
Bonded covered under E&O
E&O - A sole proprietor and a corporation or partnership must maintain what minimum equity.
A sole proprietor must maintain equity capitalization of $2500 and a corporation or partnership must maintain $5000
What is the minimum amount of E&O coverage
$3,000,000
What is the minimum bond for fidelity bond for employee dishonesty
$100,000
Maximum fine can be levied against member for misconduct, and if they were an individual
$100,000 & $25,000
Current audited financial statements must be provided within what time after written request, and for how long must records be kept
30 days and 6 years
Every person who contravenes any provision of this act is guilty of an offence and is liable to a fine of and potential imprisonment. And how much is the fine if corporation
$100,000 and/or imprisonment no more than 6 months. $200,000 for corporation.
