Annually, RIBO collects industry information from licensees through its licence renewal questionnaire. These questions provide industry insights, allow members to confirm their status with the organization, and maintain compliance with applicable RIBO regulations.
During the 2024-2025 renewal period, we received over 20,000 individual renewals and over 900 firm renewals. Those who failed to renew were administratively suspended* and legally could not act as a licensed insurance broker/firm until they resolved the issue.
Licensees are required to complete Continuing Education (CE) hours to maintain professional competency and enhance the quality of the service they provide. Failure to fulfill annual CE requirements in accordance with our by-laws can result in an administrative suspension.
Less than 1% of renewals required CE follow-up. Only a fraction of those were at risk of administrative suspension due to suspected non-completion.
For more information on CE courses and requirements, visit our Continuing Education webpage.
In accordance with Regulation 991, licensees require a secondary business exemption to hold employment other than that of a broker, baring a few exceptions.
Of those who reported a secondary business in their renewal (just under 4% of all submissions received), approximately 94% had an existing exemption or were in the process of acquiring one.
The remaining 6% were required to submit a Secondary Business Exemption form.
Licensees must report to RIBO on other jurisdictions in which they are a licensed agent or broker.
Based on self-reported responses, roughly 23% of respondents indicated holding a licence in at least one other province.
A RIBO licence is required to practice business as an insurance broker in Ontario.
For requirements to practice in another jurisdiction, refer to the respective regulator’s website.
According to RIBO by-laws, licensees are obligated to notify RIBO within 10 calendar days if they (or any business they are a part of) are subject to certain changes and circumstances. Learn more about RIBO By-law 3, s.2.7 (a).
Renewals serve as an opportunity for licensees to report incidents that may have been forgotten and have not been previously reported to RIBO.
Information requested during renewals included criminal convictions, bankruptcies, regulatory discipline from other jurisdictions, and other legal proceedings.
Over 99% of respondents had nothing new to report. Of those that did, the majority were resolved with no further action needed by the individual. We thank everyone for their cooperation.
76% of respondents reported that they sold auto insurance.
It is our licensees’ responsibility to ensure clients make informed decisions about the purchase of insurance products. Part of this requires informing them of potential conflict of interests.
Renewal data shows that 20% of firms have an insurance company, bank, credit union, or other publicly traded or privately owned company hold some direct or indirect ownership over the firm. In some instances, this ownership could be perceived as a conflict of interest that must be disclosed.
Learn more and see an example in our mandatory disclosures guidance.
Approximately 15% of licensed firms acted as either MGAs, wholesalers or both.
While MGAs aren’t required to, many have voluntarily chosen to hold RIBO licences. This ensures a minimum level of consumer protection and regulatory oversight regarding their conduct.
92% of respondents indicated that their staff received cybersecurity awareness training.
86% said their firm had a cybersecurity policy in place.
94% said their firm purchased or is considering purchasing a cyber insurance policy.
Of those who indicated that they didn’t have cyber insurance, common reasons mentioned involved cost, a lack of regulatory requirement, or a belief that they did not need it.
We urge firms to read our Principal Broker supplementary cybersecurity guidance for more support on best practices.
Based on all responses received, the average number of markets a firm represents is seven in Ontario (including mutuals).
It is typically best practice to place business with insurers licensed to do business in Ontario. Working with an unlicensed insurer introduces many new risks and should only be done as a last resort. Less than 3% of firms indicated placing business with an unlicensed insurer.
To place business with an unlicensed insurer in Ontario, our licensees must fill out an Unlicensed Insurance Client Consent and Acknowledgement of Risk Form.
*Note: Verify if a licensee was administratively suspended using our licensee directory. Individuals who were administratively suspended cannot continue to conduct business as an insurance broker in Ontario until their license is reinstated. Contact licensing@ribo.com for more information on reinstatement requirements.