RIBO is an independent, self-regulatory authority that serves in compliance with the Registered Insurance Brokers Act, which is modified periodically at the will of the Ontario Legislature.
RIBO is accountable to the Minister of Finance who is the minister responsible for the Act.
Each year, in accordance with legislated requirements, RIBO is subject to two reviews:
- Financial Audit
- Annual Examination
Financial Audit
The Financial Audit is conducted by an independent auditor appointed by the membership each year at the Annual General Meeting. The results are included in our Annual Report, along with the audited financial statements.
Annual Examination
The Annual Examination of the corporation’s affairs is conducted on behalf of the Minister of Finance.
The Financial Services Regulatory Authority (FSRA) is the current organization responsible for carrying out this examination. In prior years, at various times, the examination was conducted by the Ontario Insurance Commission, Superintendent of Insurance, and Financial Services Commission of Ontario (FSCO).
On an annual basis, RIBO must provide the Minister of Finance, the Superintendent of Financial Institutions and every RIBO registrant with a copy of RIBO’s Annual Report. Included in this report is a statistical summary of registration numbers and discipline proceedings, committee reports and the audited financial statements.
Both RIBO’s Annual Report and Annual Examination Report are tabled with the Ontario Legislature.
Historically, records of the Annual Examination Reports have been held at the Ontario Legislative Library and certain records may only be available to the public in physical collections.
To increase transparency, RIBO has sought access to these reports and is publishing them here for the benefit of the public, brokers, and other stakeholders. Additional reports will be added as they become available.
Reports
2023
2022
2021
2020
Access Annual Reports from prior years on our website.