Resources from the Townhall on Mandatory Disclosure Guidance
Thanks to everyone who attended our townhall that was held on October 17. Your active participation and insightful questions made the event a success.
We hope the session provided you with valuable information and clarity on the new mandatory disclosure measures and how they affect your brokerage operations moving forward.
For those who were unable to attend, or if you would like to revisit any of the material covered, you can access the following resources available on our townhall web post:
Please visit our Mandatory Disclosure FAQs, and check our website regularly, as we will continue to respond to your submitted questions on a rolling basis.
These resources are designed to help you stay compliant and ensure a seamless implementation of the new requirements.
If you have any further questions, please email compliance@ribo.com.
Annual General Meeting: Registration and Proxy
This is a reminder that the Annual General Meeting (AGM) is on Thursday, November 7 at 3:00 p.m. ET. If you can’t attend in person, register to attend online.
All licensees are entitled to vote by proxy at the AGM. Your proxy must be submitted using the proxy registration form by Wednesday, November 6 at noon ET.
Learn more by visiting our Annual General Meeting Package web post.
November Is Financial Literacy Month
RIBO invites you to share this initiative and encourages you to review policies with your clients to ensure they have the right insurance coverage for their home and property, especially when preparing for natural disasters. Protecting them financially now can provide invaluable peace of mind when it matters most.
As part of a broader focus on natural disasters this year, consider using the checklist created for Canadians and available on the Canadian Insurance Services Regulatory Organizations (CISRO) website when speaking with clients to help them prepare.
Please feel free to adapt the key messages and visuals to align with your platform and organization.
Use the hashtags #MoneyOnYourMind and #FLM2024 to connect with the Financial Literacy Month on social media.
Upcoming Changes to Ontario’s Auto Insurance System & Statutory Accident Benefits
RIBO is actively working with industry partners to support the implementation of upcoming changes to Ontario’s auto insurance system and Statutory Accident Benefits (SABs), effective July 1, 2026.
The changes aim to provide greater flexibility and choice for consumers. RIBO is focused on ensuring brokers are prepared to provide advice to their clients about purchasing future optional benefits like income replacement and caregiver benefits.
The development of resources to support new licensees and existing licensees’ continuing education are being considered to help brokers navigate the new regulatory landscape and offer tailored insurance solutions. We will continue to keep you updated on any developments that will impact licensed brokers.
Position Report Tips: Premiums Over 90 Days
Filing your Position Report correctly and on time provides RIBO with an important snapshot of the overall financial health of, and risks attached to, your insurance brokerage. It helps us to assess if your brokerage can effectively manage financial responsibilities.
We have noticed recurring reporting errors made on Line 3 regarding Less premiums over 90 days in Form 1.
Avoid making common mistakes in your Position Report by reading our tips below:
- Over-90-Day Receivables
- Only report over-90-day debits (positive AR numbers) added together. Don’t reportthe summary amount generated by the system. Any amounts owed over 90 days are deemed to be ‘non-trust assets.’ Over-90-day credits (refunds/cancellations) should not be included in this line, as these balances are trust liabilities and cannot be applied to ‘non-trust assets’ for any reason.
- Premium Receivables List Parameter Settings
- Check that your parameter settings on the premium receivables list are correct. Your over-90-day balance must accurately reflect the amount that is over 90 days. If it does not, valid receivables may be incorrectly omitted and invalid receivables may be mistakenly added.
- U.S. Exchange
- Ensure that you have applied the U.S. exchange to all trust assets and liabilities and remember to report it.
- Balance Items
- Items should remain on the over-90-day receivables balance, regardless of rebilling, policy rewrites, reversals, etc., if they remain outstanding at the time of reporting. If the AR is still outstanding 90 days past the effective policy date, it should remain in Line 3.
Learn more Position Report tips available on our website and on pages 22 to 24 of the RIBO Principal Broker Handbook.
Cyber Security
There is nothing scarier than a data breach of your clients’ personal information at your brokerage.
Does your firm have a meaningful cyber security program in place outlining risk identification and prevention? If there is an incident, do staff know how to handle it and report those breaches to RIBO?
It’s important to consider these things before an incident happens to protect both consumer information and your firm’s reputation.
Recently, we asked Ontario general insurance brokers who were renewing their licenses some questions about cyber security.
We found that while 92% of respondents said their staff received cyber security awareness training, only 86% said their firm had a cyber security policy in place.
The reassuring news is that 94% said their brokerage purchased or is considering purchasing a cyber insurance policy.
Don’t wait for an incident to catch your brokerage off-guard. Plan today, provide staff with cyber security awareness training, and put a cyber security policy in place.
For more cyber security information, please refer to our Cyber Security supplementary resource and Principal Broker Handbook.
Regularly Check Your Primary Email
During renewals, many brokers made updates to their email address on file with RIBO.
Please be aware that the email address you use to log into IRIS is the same address that RIBO will use to send all communications including time-sensitive notices, important information about your license, and the monthly newsletter. That is why it is important for you to check it often. Also, consider whitelisting the RIBO.com domain to ensure emails are not blocked.
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.
Matteo was a candidate taking the RIBO Level 1 exam remotely. The proctor detected a violation during the session – Matteo had someone in the room assisting him.
His exam results were immediately nullified by the exam service provider. RIBO investigated the incident, as enforcing strict measures to maintain the integrity of the licensing process is imperative.
In the end, Matteo received a suspension that prohibited him from writing any RIBO exam for two years. Also, after that time, he would only be allowed to take future exams in person.
If Matteo applies for a license after the two-year suspension, his application will be referred to the Qualification & Registration Committee for a review to assess if he is fit for the profession. His application could be denied, and conditions or restrictions could be added to his license.
All RIBO examinees and all RIBO licensees are expected to uphold high standards and follow the RIBO Exam Rules and Exam Administration & Academic Integrity Policy. Any breach of these rules can have serious consequences on one’s ability to enter the profession.
RIBO helps to maintain the integrity of the profession and of each licensee by enacting robust policies that ensure only qualified and suitable individuals become licensed. It is just one key way how we protect the public.
As a licensee reading this, remember that it is also in your own interest to actively discourage unethical behaviour and to report incidents of suspected cheating to RIBO at exam@ribo.com.
Passing of Dan Danyluk
We are deeply saddened to share the news that Dan Danyluk has passed away on October 30 after a short battle with cancer.
Dan demonstrated his commitment to serving the public and the profession over many years. In January 2003, he became the Chief Executive Officer of the Insurance Brokers Association of Canada (IBAC). Dan also served on RIBO’s Discipline Committee from January 2018 until October 2024. He always made the time to serve that Committee whenever he was needed.
He touched the lives of many and will be remembered for his kindness and warmth. Known for always having a bright smile on his face, he was friendly and very generous with his time.
He will be greatly missed, and our sincere condolences go out to his family and friends during this challenging time.
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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