Mission, Values & Vision
Our VISION is to be a centre of progressive regulatory excellence for Ontario insurance brokers and the public they serve.
We are driven by our shared VALUES of:
- Fairness
- Integrity
- Sensitivity
- Knowledge
Our MISSION is to serve the public and regulate the profession.
General Overview
Who is RIBO?
RIBO stands for the Registered Insurance Brokers of Ontario. It is a self-governing, self-supporting organization of general insurance brokers in Ontario. RIBO was established by the Ontario government in 1981 to protect the public during insurance transactions with brokers, through self-governance.
RIBO regulates the licensing, professional competence, ethical conduct and insurance related financial obligations of all independent general insurance brokers in the province of Ontario.
RIBO is governed by a Council consisting of thirteen people, nine elected brokers and four public members appointed by the Lieutenant Governor in Council. The council acts as a board of directors, virtually like any company, supervising the management and affairs of the corporation and is responsible for setting policies and guidelines. Its main authority is exercised through the Qualification and Registration Committee, the Complaints Committee and the Discipline Committee.
- The Qualification and Registration Committee sets and reviews RIBO’s qualification standards. At the same time, it is responsible for making sure that businesses and individuals comply with these standards.
- The Complaints Committee investigates allegations of professional misconduct brought against a broker to determine whether there is sufficient evidence of misconduct to warrant referring the complaint to the Discipline Committee.
- The Discipline Committee conducts a hearing, similar to a trial in civil court, to determine whether a broker is innocent or guilty of the allegations outlined in the complaint. Where a broker is found guilty, the Discipline Committee may impose an appropriate penalty, ranging from a reprimand to licence revocation, including fines up to a maximum of $25,000 for an individual broker and $100,000 for brokerage firms.
RIBO is self-funded on the basis of registration fees paid by every brokerage firm and individual licensed to sell insurance in the province of Ontario.
What is a Registered Insurance Broker?
A registered insurance broker is an independent insurance professional in Ontario governed by the Registered Insurance Brokers Act. Brokers sell general insurance including coverage of your home, business, automobile, boat etc. They offer product choice from a variety of companies and offer independent advice. Brokers represent their client’s best interest when negotiating a contract between the client and the insurer.
- Every registered insurance broker must be properly licensed.
- Every registered insurance broker is subject to a code of conduct.
- Every registered insurance broker must meet certain qualification standards and continuing education requirements, established by the Qualification & Registration Committee.
- Every registered insurance broker must be bonded and covered under an Errors & Omissions policy and a fidelity bond.
- Fidelity bonds are designed to provide consumers coverage in instances where a broker mishandles consumer premiums
Oversight
RIBO is governed by a Council consisting of thirteen people, nine elected brokers and four public members appointed by the Lieutenant Governor in Council. Financial reporting, monitoring and auditing are key elements of RIBO’s accountability framework that is overseen by RIBO Council.
Accountability to the Public and Members
RIBO is accountable to the Minister of Finance who is the minister responsible for the Registered Insurance Brokers Act.
Each year, in accordance with legislated requirements, RIBO is subject to a Financial Audit conducted by an independent auditor appointed by the membership at the Annual General Meeting and an Annual Examination of the affairs of the corporation conducted on behalf of the Minister of Finance.
Both RIBO’s Annual Report and Annual Examination Report are tabled with the Ontario Legislature.
For more information, see our Annual Reviews.
How is the Public Interest Represented?
At least one member of the public, appointed by the Lieutenant Governor in Council, sits on every RIBO Committee to represent the interest of insurance consumers and the public in general.
RIBO also has a Complaints and Investigation Department to assist consumers with any enquiry or complaint regarding a broker. When a complaint is received, it is RIBO’s responsibility to ensure that both sides of the enquiry are investigated promptly and fairly.
RIBO’s Consumer Complaints Officer resolves the majority of complaints from the public within 24 hours. Complaints indicating that professional misconduct has occurred are referred to the Complaints Committee.
What is the difference between an Insurance Broker and a General Insurance Agent?
A general insurance agent that holds an Other Than Life (OTL) license in Ontario is like an insurance broker in many respects, but there are some key differences:1) OTL agents are regulated and licensed by the Financial Services Regulatory Authority of Ontario (FSRA); 2) Agents only represent a single insurance company; and 3) Agents can only offer products from that specific company and cannot recommend or provide quotes from another insurer.