Annual Meeting 2000

November 8, 2000
President's Address
Art Despard
Please let me begin by saying thank you for this opportunity to serve as your President. I consider the experience to be one of the most fulfilling adventures of my 50-year career in the insurance industry and I will look back on this year with fondness.
Now, on behalf of RIBO Council, I'd like to tell you about our experiences at RIBO over the past year.
The majority of Council and staff's time was spent reviewing current regulations and discussing issues relevant to brokers. In this time of technological and financial change it's becomes increasingly clear brokers will have to alter many of the ways we do business in order to stay competitive. As a regulatory body, we need to stay on top of these changes and find new methods of monitoring brokers if we are to keep up with our responsibility to regulate the profession and protect the public.
As far as RIBO's finances are concerned, I'm pleased to report that RIBO was able to offer a discount on fees again on this year. This is in due in large part to the fact that our operations continue to run efficiently and that we did not experience any unusual regulatory situations that we could not handle quickly and cost-effectively.
In order to provide strong leadership, RIBO continues to meet and work with industry leaders. This year we have reinforced our relationship with associations across the province and throughout Canada to unite and enhance the future regulation of insurance brokers. Thank you to Insurance Brokers Association of Ontario, the Toronto Insurance Conference and the Insurance Brokers Association of Canada for their continued support. I would also like to thank the Financial Services Commission, especially Dina Palozzi, CEO and Superintendent of the FSCO, for her guidance and dedication in strengthening our regulatory partnership. Our participation with each of these bodies gives us the opportunity to discuss developments as they emerge. It is through this exchange of information and ideas that we find new ways to effectively regulate our profession.
By now you've all heard about the merger between FSCO and the Ontario Securities Commission. The merger is already in progress and is expected to take about a year to complete. FSCO has also proposed altering the sole occupation and ownership restrictions. They should be releasing a discussion paper dealing with both issues soon. We'll advise you of the details when they become available.
As our industry continues to evolve RIBO strives to come up with new methods of keeping both members and the public up-to-date on industry issues. We've now added a "News and Updates" section to the Website so we can post any new information as it emerges. Our site also provides a copy of the latest "Bulletin", information on the role of a registered insurance broker and details information on licensing and registration.
On the subject of continuing education, we continue to see an increase in the number of courses offered across the province and the number of providers who have interesting courses to offer. It is important that brokers continue to provide RIBO with comments and critical feed back for our effort to maintain quality control.
I consider myself extremely lucky to have had the opportunity to attend industry functions and events across Ontario. After meeting and speaking with brokers face-to-face, it's become increasingly obvious that the majority of our members are heavily affected by the changes that are taking place within our industry and are nervous about the changes to come. Our members are looking for direction and strong leadership. That is where RIBO must play a leading role.
Change isn't necessarily a bad thing. In fact, I think it can work to our advantage. With the dedicated team of brokers elected by our membership, together with our strong public representation. RIBO can and will play a crucial role in the future regulation of the insurance business. Council and staff must act as visionaries. RIBO must forecast change and develop strategies to guide our members into the future. Each RIBO Council meeting is dedicated to addressing these issues, looking for better methods of protecting the public and regulating the profession.
RIBO has been recognized on a number of occasions as a model for excellence in self-regulation. We should be proud of the progress that has been made and look forward to a promising future. RIBO will continue to consult with our members, reaching out for input and guidance. As a team we can face the challenges that lie ahead and continue strongly in this new millennium. We must remember that RIBO, as a self-regulatory body, is built on brokers helping brokers to regulate the profession and serve the public.
So, what is RIBO's role in helping brokers meet the challenges that lie ahead? Regardless of what the future may hold, RIBO Council will continue to review upcoming issues, meet with our strategic partners on these issues and keep members informed through the Bulletin, Website and special mailings.
In conclusion, I'd like you to know that we could not have accomplished what we have, this year and in past years, without the total commitment and dedication of our staff under the strong leadership of General Manager Jeff Bear and my fellow Council members. This group of professionals provides quality service to our members and the public.
Thank you again for this opportunity to serve as your President.

