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President's Message Lorie Guthrie Phair Over the last month, council and staff members traveled across the province meeting with brokers as part of our annual Members’ Forums. I thank all those who attended for taking time out of their busy schedules to meet with us. We will include a synopsis of the forums in the fall edition of the Bulletin. It is hard to believe that the RIBO election is just around the corner. The deadline for nominations is 4:00 p.m. on September 15th. Included with this edition you will find election information along with the yellow nomination sheet. I encourage anyone who is interested in running for RIBO to do so. The benefits far outweigh the time requirements. At this point, let me provide you with a little information on the commitments expected of a council member. The Board usually meets once a month in the RIBO office. On that day, there is a board meeting, a meeting of the Qualification and Registration Committee and possibly another committee meeting. Travel and overnight (if necessary) expenses are covered by RIBO and each director receives a per diem for meeting days. There may be the occasional month when there are two meetings, however, this is a rare occurrence. In addition to regular board meetings, some directors sit on a complaints panel, requiring them to attend two to three meetings a year. As a member of RIBO council you have the opportunity to contribute to the regulatory process. As a representative of your peers, your commitment will help shape the future of our industry. If you are interested in running for council and you have any questions, feel free to contact myself, any of the Directors listed on the back of the Bulletin, or Martha Grant, RIBO’s Communications Co-ordinator. Have a wonderful summer! Yours truly, Lorie Guthrie Phair
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Qualification and Registration Committee Report Art Despard, Chairperson Early this year we conducted a random continuing education survey that was mailed to 1,461 brokers. We were extremely pleased with the response and would like to thank all those who took the time to complete the form. A copy of the results has been included in the summer edition of the Continuing Education Summary. As part of our annual Members’ Forums, we received feedback on education, qualification and licensing. Discussions focused on the quality and availability of courses across the province and the usefulness of the Continuing Education Summary. A synopsis of these meetings will be published in the fall edition of the Bulletin. A reminder to all individuals who have designations (FIIC, AIIC, CRM, CAIB, CCIB, B.Admin; B.Comm., MBA) that your exemption expires on September 30, 1999. Starting October 1, 1999, you will have to fulfill the requirements outlined in the Continuing Education Summary. However, should you take a course this year that qualifies for RIBO credits, you may carry over up to 6 hours. Please refer to the Continuing Education Summary for further details. We encourage those individuals presently suspended for not completing last year’s continuing education requirements to fulfil your hours by September 30, 1999 to avoid having your licenses lapsed. In order to be reinstated you will have to reapply and write the RIBO exam. A quick reminder to complete your courses early in order to avoid the rush. You don’t want to be caught trying to scramble for courses to meet the September 30th deadline. Once again, we remind you to contact either Lilian Croucher or Vivian Lee when you take a course and think the content is poor. Unfortunately, time and money prevents us from being able to audit every course. We rely on your feedback to make sure that the courses you chose are meeting your expectations. Decision of the Qualification & Registration Committee The Committee granted a secondary business exemption to Mr. David Rikley to act as a risk management consultant. He may do so on the condition that he disclose to all interested parties that he is a registered insurance broker with Programmed Insurance Broker Inc. I wish you all a safe and enjoyable summer! Yours truly, Art Despard
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Reminder Regulation 991 Section 4 states: "Where information contained in the latest filed application, information or renewal form becomes obsolete, the member who had filed the form shall file a notice of change correcting the information within thirty days after the change takes place." Such changes would include, but are not limited to, change of employment, change of share structure, change of addresses, change of name etc. Both the firm and the individual are responsible for notifying RIBO of any changes. If you require any further assistance please contact the Qualification & Registration Department.
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Deadline For Renewal Applications August 31, 1999 Renewal applications for all active individuals & firms will be forwarded to the address of the brokerage firm. Principal Brokers must make sure renewal applications are distributed to all brokers in the office, including those who may operate outside the main office. It is the Principal Broker’s responsibility to ensure that the renewal forms for their business are properly completed and submitted on time. In addition, they are expected to ensure that all brokers associated with the business renew their registrations. It remains the responsibility of each individual member to ensure that his or her registration is renewed. Please contact RIBO if you do not receive your renewal application by July 31, 1999. Below are the categories for registration renewals: Sole Proprietors, Partnership & Corporations: The renewal form must be completed and signed by the Principal Broker. For Partnerships and Corporations, any changes to share information or partners not previously reported, must be presented at this time. Individuals: All individuals must complete and sign the renewal form. Please make sure that the continuing education question is answered in order to confirm compliance. "Inactive": Brokers registered as "inactive" must renew their registration to maintain their status. Forms will be mailed directly to the address RIBO has on file. Please make sure that RIBO has your current address on file. Non-Active Firms: All Non-Active Firms will receive an application to renew their registration. PLEASE NOTE: Cheques may be post–dated up to August 31, 1999.
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1999 - 2000 Fee Structure
Good News: Fees Lowered for Corporations, Partnerships and Sole Proprietorships RIBO Council is pleased to announce that annual membership fees for corporations, partnerships and sole proprietorships has been reduced by $25.00 for the 1999-2000 renewal year. More Good News: Return of surplus to members RIBO Council is pleased to announce that it is in a financial position to return some of the surplus that has been generated largely by maintaining efficient operations. This will be done by allowing a $50.00 reduction in the 1999-2000 renewal fee for all RIBO members, both individuals and firms, that make early payment. Please note that this is a one time only reduction and that payment must be received by August 31, 1999 in order to qualify.
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New Marketing Material There are a number of ways to get information to your clients about their insurance policies without having to create your own internal marketing material. Informco has produced some new brochures that you can order and send to your clients. We have highlighted two of their most popular pieces. For more information please call Informco at (416) 285-1700 or visit their website at www.informco.com.
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When to Expect a Spot Check by Diana Campoli In previous articles we stated that RIBO reviews the books and records of every registered entity every five years. Changes in the marketplace have lead to a decrease in the number of corporate registrants. A drop in registrations calls for a higher turnover of reviews. We are now apt to conduct spot checks every three to four years. There is no set rule as to when RIBO should conduct a review. Reg.S.17(3) states that "The Manager, Council or a Committee thereof or their representative is entitled to inspect the books and records required to be kept under this section at anytime". Should you require any further clarification concerning the spot check process, please contact Diana Campoli or one of the Financial Investigators listed on the back of the Bulletin.
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Advance Notice The 18th Annual Meeting of members of the Registered Insurance Brokers of Ontario will take place Thursday November 4th, 1999 at the Westin Harbour Castle in Toronto. A formal notice of meeting, annual report and proxy will be mailed to each registrant in good standing. All registrants are eligible to attend and to vote on matters properly brought before the meeting.
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Notice of Election Notice is hereby given that the annual election of council members will be held on Monday, November 1, 1999 at which time three council members are to be elected for a term of three years. Registrants have the opportunity to nominate candidates, including incumbents if they agree to have their names put forward for election to serve another term. A nomination form with instructions is enclosed in this edition of the Bulletin. Eligibility for election is set out in Ontario Regulation 989, Section 1 (2) as follows: Each person who is an individual member of the corporation (RIBO) and,
Nominations must be received in writing by the Manager at the RIBO office no later than 4:00 p.m., on September 15, 1999. In early October, each registered insurance broker will receive a list of nominated candidates, including a brief biography outlining their professional qualifications and record of community service. The nomination sheet will be accompanied by a ballot form and a return envelope to be delivered to the RIBO office to the attention of the Manager, no later than 4:00 p.m. on the date of the election, November 1, 1999.
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Succession / Perpetuation Planning From time to time a situation occurs where for one reason or another a Principal Broker cannot continue to carry out his/her responsibilities. As stated in the regulations (Reg. 991, Sec. 7.2), a brokerage firm must have a Principal Broker in place at all times. We recommend that all brokerage firms have a succession plan in place. This may include having a Deputy Principal Broker or an individual with the appropriate class of unrestricted license ready to take responsibility for your business on either an interim or full time basis. If you have any questions concerning this subject, please feel free to contact Lilian Croucher or Vivian Lee.
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Decisions of the Discipline Committee Caution: While the information contained below is public, members should take caution that inappropriate use of this information may be considered to be misconduct.
SPIROS VERGOS, R14859
CHARLES DALE LOCKHART, R6826 Consents being received in each of the following matters, the discipline committee made the following orders:
CAMBRIAN INSURANCE BROKERS LIMITED, A00328
LONDON GENERAL INSURANCE BROKER LTD., A01266
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Decisions of the Qualification and Registration Committee Ferdinand Woon Wing Fung The Qualification and Registration Committee, on April 14, 1999, confirmed the Manager’s Proposal to refuse Application for Reinstatement of Registration on the grounds that the Applicant, Mr. Ferdinand Fung, of the City of Scarborough, did not meet the requirements of Section 5(1)(a)(ii) of Ont. Reg. 991, as amended, which provides: 5(1) An individual is qualified to be issued and hold a Certificate Registration as an insurance broker where,
(a) the individual,The Committee heard unrefuted evidence that Mr. Fung had breached a prior Order of the Discipline Committee of RIBO, which resulted in revocation of his Certificate of Registration. In addition, the Committee heard unrefuted evidence that Mr. Fung had misappropriated trust funds from a former employer. Based on that evidence, the Committee confirmed the Manager’s proposal to refuse the applicant’s Application for Reinstatement.
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Additions & Deletions from the RIBO Register (Feb 19, 1999 - Jun 3, 1999)
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Members of Council
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Member Assistance Directory
P.O. Box 45, 401 Bay Street, Suite 1200, Simpson Tower, Toronto, ON M5H 2Y4
General Manager - Jeff Bear (jeff@ribo.com) Secretary - Lise Clements (lise@ribo.com)
ADMINISTRATION & FINANCE
COMPLAINTS & INVESTIGATIONS
CORPORATION LEGAL SERVICES
MARKETING & COMMUNICATIONS
QUALIFICATION & REGISTRATION
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