A RIBO License qualifies you to work as an insurance broker in Ontario and is a requirement for anyone who sells car, home, commercial, liability or other property/casualty coverage. RIBO is the registered body that regulates, enforces codes of conduct and provides continuing education courses for insurance brokers in Ontario.
What is the Alberta Level 1 exam?
Licensed brokers sell insurance products on behalf of clients, acting as their representative and advisor. They shop policies from multiple companies and offer independent expert advice to their clients. Unlike an agent who works directly for one insurer, brokers are able to offer a wide variety of product choices and competitive pricing. Read More : pnclearning.com
In this case, RIBO alleged that Boles accessed confidential files without authorization, took out advertising contracts in the name of his employer brokerage and held himself out as a RIBO licensed broker while not being licensed. He also allegedly breached his employment contract by having a secondary job and not telling RIBO or his employer brokerage.
RIBO has issued a consultation paper on the responsibilities of Principal Brokers (“PB”) and is seeking comments on whether it should amend its regulation to prohibit PBs from being responsible for more than one firm (the Multi-Firm PB Model). Dentons’ insurance team would be pleased to assist if you have questions on this matter.