What is the role of the Registered Insurance Brokers of Ontario?

The role of the Registered Insurance Brokers of Ontario (RIBO) is primarily to govern and regulate insurance brokers within the province of Ontario. This involves setting professional standards, ensuring that brokers adhere to these standards, and safeguarding the interests of the public by overseeing the activities of its members. RIBO’s responsibilities include licensing brokers, providing continuing education programs, and enforcing compliance with industry regulations and ethical practices.

By focusing on governance and regulation, RIBO plays a critical role in maintaining the integrity of the insurance brokerage profession, which ultimately benefits consumers through improved service standards and protections. This regulatory framework helps to ensure that brokers operate within the law and provides mechanisms for accountability and professionalism in the industry.

The other options do not align with the primary mission of RIBO. Training may be part of their activities, but it is not their sole or primary role. Legal advice is not provided by RIBO to insurance companies; rather, brokers are trained to understand the legalities of the insurance industry as part of their licensing. Additionally, RIBO does not directly provide insurance products to consumers; that function is carried out by the brokers they regulate.