RIBO - Rules and Regulations Flashcards
What does RIBO stand for?
Registered Insurance Brokers of Ontario
Who does the RIB Act protect?
The insurance consumer
What are three things necessary to qualify for registration as an insurance broker?
See list on page 143
What are three things a broker with a license restricted to “Acting Under Supervision” may not do?
Control trust funds, act as a Principal Broker, or operate as a sole proprietor
When do RIBO license expire?
September 30 of every year
When do all RIBO livenses need to be renewed?
August 31 of every year
What does a broker need to do if they have a second occupation?
Apply for a secondary business exemption
What occupations does RIBO allow them to do?
What they feel is not a conflict of intrest
How often must a broker file a position report?
Twice a year
Is there any way they can get this changed to filing only one a year
Yes, by filing an exemption
How much notive will RIBO give prior to them doing a spot check at a brokerage?
30 days
How many people sit on the RIBO council?
13
How many of the RIBO council are elected?
9
How many of the RIBO council are appointed?
4
Who appoints the appointees?
Lieutenant Governor in Council
