Individual Broker Renewals Due August 31
Individual broker renewals are due August 31 at 11:59 p.m. ET and must be completed through IRIS by answering the annual renewal questions and paying the renewal fee.
If your Principal Broker already paid your renewal fee, they would have done so by July 24.
You will know if your fee has already been paid if there is a green circle around the ‘Payment’ section in IRIS. If it is not green, it means you must pay the fee yourself.
Renewal Resources
IRIS Resources
Case Study
As a licensee, you must follow many rules, guidelines, and requirements to remain in good standing and retain your ability to act as a broker.
This series is based on anonymized situations about brokers approaching or crossing the line of acceptable activity. We share these to illustrate behaviour to avoid and the associated consequences.
Principal Broker John worked at a mid-sized firm and obtained his license decades ago. Filing mandatory position reports was something he had done for many years.
With his increasing workload and competing priorities, John failed to file and hoped it would go unnoticed this time.
It did not. RIBO followed up and gave several opportunities to provide the outstanding reports, but John failed to comply.
Hindsight is 20/20. It most certainly was for John. Had he followed the rules outlined in Ontario Regulation 991 that every licensee who is a sole proprietor, partnership or corporation must complete and file their position reports on time, he could have prevented the stressful situation that followed.
John was under investigation.
It remained an ongoing distraction with heavy mental burden. Not only was he placing his own license and job in jeopardy, but he was also putting the firm’s license at risk and his employees’ livelihood.
The matter was escalated to the complaints process. Now he was required not only to provide the position reports, but also to submit a formal explanation.
He cited computer issues at his firm, but the Complaints Committee found this reason unacceptable, especially since the reports were for periods spanning over a year.
John then scrambled to prepare and submit the outstanding reports during the investigation.
In the end, not filing the reports on time created extra work and great inconvenience for him, as he had to juggle the immense stress of being under investigation and handling his demanding work at the firm. The Complaints Committee also issued a ‘caution’ to John.
This ‘caution’ warned John that not filing the reports on time is a serious offence. It did not warrant a referral to the Discipline Committee in this specific situation; however, it remains part of John’s regulatory history. Had it been referred to the Discipline Committee, a conviction could lead to a range of penalties including reprimands, fines and license revocation.
Learn more about position reports and avoiding common errors by reading pages 22-24 in our Principal Broker Handbook.
Run for RIBO Council
Are you interested in giving back to the profession, gaining board experience, and making a difference in how brokers are regulated?
RIBO licensees in good standing can apply by September 20 at 4 p.m. ET to the Governance and Nomination Committee to be considered for one of three RIBO Council member vacancies to be filled this November.
New this year, public declaration of candidacy is not required. Applications will be reviewed and recommendations will be presented to the membership based on the skills and backgrounds needed to establish an effective, well-rounded, and representative Council.
Currently, we are looking for individuals with experience in at least one of the following areas:
- Working in a small brokerage or Managing General Agency
- Advising and selling personal insurance
- Working closely with day-to-day brokerage activities including overseeing processes, training and/or overseeing junior brokers.
To read more about eligibility criteria and submitting your online application, please visit our Running for Council webpage. You can also register today to attend our September 4 information session that will be held virtually from 2:00 p.m. to 3:00 p.m. ET. This is an opportunity to learn about the new process and what is involved in being a Council member. You will be able to ask questions.
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Online Broker Services
- Principal Brokers can provide firm-related updates online using our Principal Broker Menu.
- Staff lists and license restriction levels are available in IRIS.
Helpful Resources
- Recently Approved Continuing Education Courses
- Recent Regulatory Decisions
- See the latest additions and deletions to the RIBO Register.
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