About Us
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.
