Annual Report

As we reflect on the past year, I am proud to share the progress we have made in advancing RIBO’s mission and strengthening our role as a modern, responsive regulator.

We tackled several important policy initiatives including those relating to the responsible use of Artificial Intelligence (AI), upcoming auto reforms, and the property and casualty Managing General Agent (MGA) landscape.

As a regulator, it is important that we understand and place AI technologies in context with a broker’s existing obligations to remain competent, act with integrity, protect consumer data, and never allow AI to replace the broker’s professional judgment on which consumers rely. Supporting this work, we commissioned a comprehensive study on AI’s role in the sector and its alignment with RIBO’s mandate. Following this study, we developed and released responsible AI use guidance. We will continue to monitor and update the guidance as needed.

Government auto reforms (effective July 1, 2026) represent a significant change for the industry which we have been preparing for over the course of the year. Our work has revolved around reviewing existing guidance, examinations and leading discussions focused on industry-led training to ensure that brokers are prepared for these changes.

We issued a Mandatory Information Return to gather data and examine broker practices about working with MGAs. Next year, we will share what we have learned and intend to issue best practices that will provide practical advice to brokerages working with MGAs.

We have increased and improved the information we share with the public and licensees. Supporting this, we launched a new RIBO website, which includes more information and has been restructured to help users find information.

Our website provided us with a platform on which to publish a new Spot Check report with insights into what our Compliance Auditors discovered during their inspections of brokerages. We also published our first Renewal Report, sharing industry information collected through our annual renewal process.

We also launched our first paid search campaign aimed at informing consumers about their rights when working with brokers and buying insurance. Insights from this pilot will be used to inform future campaigns.

We made significant strides in education and licensing standards, launching an updated Level 1 Competency Profile and Exam Blueprint, aligning our entry-level standards with the evolving demands of the profession. The new exam was launched January 1, 2025. We have also begun working on a RIBO Spot Check course to help Principal Brokers prepare for inspections allowing the process to work effectively for all involved.

RIBO and our service providers continue to monitor closely for irregularities on exams. Unethical behaviour exhibited during exam taking is viewed very seriously and appropriately disqualifies such candidates from entering the profession. RIBO’s Exam Administration and Academic Integrity Policy, last updated in October 2024, provides a comprehensive legal and ethical framework for us and exam service providers to administer licensing exams and address cases of misconduct. During the year, 267 exam results were nullified for non-adherence to accepted exam writing standards and 41 individuals had their exam privileges suspended.

In February 2024, we launched IRIS, our new broker management system. Starting in August 2024, over 20,000 brokers logged into IRIS and completed their renewals on this platform for the first time. It was a major milestone in the rollout of our new system and our IT team continues to develop more tools to allow for improved integration of processes across all areas of the organization.

Regulatory activity remained high, with an increase in licences issued, employment changes processed, and complaints received.

Financially, we realized a small surplus of $59K, achieving our budgetary goals.

On a personal note, I was honoured to step into the CEO role on June 1, 2025, following Patrick Ballantyne’s retirement. Patrick’s leadership over the past two decades has left a strong legacy, and I’m committed to building on that foundation with transparency, innovation, and a deep respect for the public trust we hold.

The focus ahead is to modernize our regulatory practices, support brokers through clear guidance and exceptional service, and protect the public interest with integrity. Thank you for being part of this journey.

Previous Annual Reports are also available.