Summary Flashcards
Definition: Insurance Broker
any person who for any compensation, commission, or other thing of value, with respect to persons or property in Ontario deals with the public and:
o Helps to make any contract of insurance or reinsurance
o Risk management services including claims
o Consulting or advisory services
o Holds themselves out to be an insurance consultant
o EXCEPTION: any person acting within their legal profession such as a lawyer, insurance agent, adjuster, reinsurance broker, travel industry, clerical/admin, on behalf of their employer, trustee
Definition: Incapacitated Member
a member suffering from:
o Physical or mental condition
o Disorder of nature and extent making it in favour of the public, no longer permitted to conduct business
Definition: Membership
every person registered by the corporation is a member of the corporation (Corporation = RIBO)
o The manager of RIBO may cancel a registration for non-payment of any prescribed fee after giving the member at least ONE month notice in writing
Council Requirements
The council is the governing body and board of the directors of the Corporation and shall manager/administer it’s affair
- Consists of 13 people: 9 Individual RIBO members elected by members (5 ppl have 3-year term/4 ppl have a 5-year term)
4 Individuals from the general public appointed by Lieutenant Governor (4 years or less - eligible for 1 reappointment)
Definition: Annual Report
Written within 4 months after termination of each financial year (July 31) Must include:
o Financial statements
o Summary of complaints/disciplinary proceedings
o Applications for registrations
o Membership stats
o ID of matters
o Any info considered relevant by the Corporation/requested by the Minister
Definition: By-laws
The council may pass by-laws relating to the administrative and domestic affairs of the corporation not inconsistent with this act and the regulations
Committees
o Qualification and Registration Committee
> Sets and reviews RIBO’s qualification standards
> Ensure that businesses and individuals comply with the standards
o Complaints Committee
> Investigates allegations of professional misconduct against a brokers
> Determine if evidence of misconduct is sufficient to warrant a referral to the Discipline Committee
o Discipline Committee
> Conducts a hearing to determine if a broker is innocent or guilty of the allegations
> If found guilty, the Discipline Committee may impose an appropriate penalty, which can range from a reprimand to license revocation>
Definition: Reference
Manager receives info that a member may be incapacitated so they will make an inquiry and report it to the council. The council then may appoint a board of inquiry consisting of at least 2 members
Definition: Examination
Makes inquiries as it considered appropriate and may require a member to submit physical/mental exams. If the member refuses or fails to agree then they may be suspended
Definition: Appeal
A member may appeal any decision to the divisional court, ask that the certificate be issued or suspension removed
Investigation of Members
The manager or their designate may appoint one or more persons to investigate a member they have grounds to believe that member has committed an act of misconduct or incompetence
o If the misconduct involves trust funds, then 2 persons to represent insurers shall be included
Definition: Confidential
All matters are to be kept strictly confidential by all members EXCEPT:
o Communications as may be required with the administration of this act
o Communication to their personal counsel
o With consent of the person to whom the info relates
Definition: Services of Notice and Oaths
Every member of the Q&R, Discipline and each complaints committee has power to administer oaths and affirmations for the purposes of any of its proceedings
Definition: Immunity
No action or other proceeding for damage shall be instituted against the corporation, council, a committee or any member of the council or committee for any act done in good faith in the performance or intended performance of any duty, or power under this act, regulation, or by-law
Definition: Trust Funds
All funds received or receivable by a member in the course of business on behalf of insurers from members of the public or on behalf of members of the public are deemed to be trust funds
