Council President’s Message
Happy New Year! As RIBO’s new Council President, I extend my warmest wishes to all our members and their families for a year filled with health, success, and fulfillment. This is a time for reflection and renewal, and at RIBO, it is also a time to look forward with excitement and determination.
RIBO proactively responds to shifts in the regulatory landscape, continuously monitoring developments to ensure that our strategies remain aligned with the profession’s evolution. As we enter the final year of our 2022-2025 Strategic Plan, Council is set to outline the organization’s priorities for the next three years.
Read more of the Council President’s message.
Reminder
Until February 28, 2025, RIBO staff will be working remotely due to office repairs and minor renovations.
Our physical office will be closed during this time, but staff will remain ready to assist you.
Let’s Make Ghost Brokers History
Équité Association and the Registered Insurance Brokers of Ontario (RIBO) are both committed to protecting Canadians on behalf of the insurance industry. This is why we are collaborating to increase public awareness about the seriousness of insurance fraud and how ghost brokers facilitate that fraud.
Ghost brokers are people who pretend to be legitimate insurance brokers or agents. In actuality, they are selling fake insurance policies. Ghost brokers create fake or falsified insurance documents that appear to be legitimate insurance policies, and usually target younger drivers or new Canadians, as they tend to be less familiar with the insurance industry. Ghost brokers will often use social media to attract people by offering inexpensive car insurance deals that are too good to be true.
Please help us to amplify this important message and help guide consumers to legitimate brokers like you. Share our Let’s Make Ghost Brokers History web post that includes ways consumers can recognize the signs of insurance crime and fraud, including how they can protect themselves against scams.
Continuing Education Hours via RIBO-Accredited Courses
As of January 1, 2025, brokers can no longer request RIBO to count Continuing Education (CE) hours for courses that are not already accredited by RIBO. This provision, previously used by a small number of brokers each year, has been discontinued.
This change aligns with consistent practices across Canadian insurance regulators and encourages brokers to take courses that meet RIBO’s established benchmarks for quality and accountability to strengthen the integrity of CE standards.
This change will not affect RIBO-accredited courses or brokers taking RIBO-accredited courses. Brokers should obtain CE hours only from RIBO-accredited courses, which can be found on our Continuing Education List.
More information about Continuing Education is available on our website.
Case Study
As a licensee, you must follow many rules, guidelines, and requirements to remain in good standing and retain your ability to be a licensed broker.
This series is based on anonymized situations about brokers (and those hoping to become licensed) who were alleged to have breached these rules and guidelines and therefore became the subjects of investigations. The cases are examples of some of these situations. We share them to illustrate the types of conduct you should avoid and the associated consequences.
A complaint was filed against Tyler, a RIBO licensee. Allegedly, due to incorrect information he provided, his client’s auto insurance policy was cancelled for non-payment. As a result, his client was inconvenienced and had to find new insurance coverage elsewhere.
Evidence collected during RIBO’s investigation suggested that communication was done through text messages. After the investigation was complete, the matter was referred to the Complaints Committee for review.
The Committee was concerned that text messages allowed for potential miscommunication. A professional follow-up letter or email was necessary to explain to the client what the requirements were for keeping the insurance coverage. This would have also served to document any discussions that Tyler had with his client.
The Committee reminded Tyler to ensure that future communications with clients are clear, professional, congruent with industry best practices, and documented in the broker’s client management system instead of a texting application. Also, the Committee told Tyler that appropriate follow-ups are required to ensure no lapses in coverage.
Fortunately, this was an isolated incident. The Committee decided that providing these reminders to Tyler was sufficient. Tyler also received coaching from the brokerage’s head office about proper professional communications to prevent a recurrence.
This case highlights the responsibility of all licensees to properly serve their clients, as well as the importance of maintaining conversation records and ensuring that communication is clear, accurate and professional.
Learn more about service quality expectations on pages 13 to 14 in the RIBO Code of Conduct Handbook.
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How to Avoid Licensing Delays
When applications are carefully completed and are not missing information, applications can be processed in 10 business days or fewer.
We have noticed that more than 50% of applications are incomplete. This creates delays because multiple follow-ups are sometimes needed, which in turn results in longer wait times for all applicants.
Principal Brokers, you are required to sign completed employment forms within 10 business days of the application date. When doing so, please ensure that the remote work location section is carefully filled out. This will avoid unnecessary delays. We appreciate your cooperation.
Position Report Tip: Current Earnings
Timely and accurate submission of your Position Report gives RIBO insight into your brokerage’s financial stability and risk factors (such as being able to maintain operations without facing financial distress).
Position Reports allow us to assess your brokerage’s capability to fulfill its financial responsibilities, which are essential for complying with regulatory requirements and ensuring that consumer premiums are protected.
We have noticed recurring reporting errors regarding current earnings submitted on Form 1, Line 33, specifically retained earnings (deficit) as of the reporting date.
Licensees, follow these steps to avoid inaccuracies on Line 33:
- Add the current retained earnings (deficit) balance to the net income (loss) for the current period.
- Subtract any dividends paid.
- Ensure all these totals are included to calculate the correct retained earnings (deficit).
Want more Position Report tips? See pages 22 to 24 in the RIBO Principal Broker Handbook.
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
- Latest Additions and Deletions to the RIBO Register
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