We publish guidance to help licensees better understand and meet regulatory requirements.
Guidance serves several key purposes:
Our guidance documents cover three categories:
Guidance development begins when we identify emerging industry issues. These issues may arise from recurring complaints, discipline matters, licensee inquiries, licensing issues, or direction provided by RIBO’s Council or committees.
Our staff research the issue and confirm that RIBO has the legal authority to address it under the legislation.
The research and drafting process may include:
When developing new guidance, RIBO seeks input from parties who may be impacted or have an interest in the topic.
Not all guidance documents undergo consultation. However, we strive to include external perspectives, where appropriate.
RIBO will initiate a consultation by presenting the proposed changes and outlining the issues requiring attention and the rationale for action. RIBO will seek written feedback in the form of email, formal written submissions and survey data from all interested parties on their views on the proposals and the anticipated impacts. Summaries of consultation feedback may be prepared by RIBO and published.
Typically, there is a 60-day consultation period for proposals. It may be extended to support the participation of interested parties. The consultation period will be indicated clearly for each individual consultation.
After the consultation ends, we analyze responses and incorporate feedback into subsequent policy decisions. Where appropriate, proposals and associated timeframes for implementation may be refined, expanded, or reconsidered based on the issues identified through consultation. Feedback may also highlight the need for additional guidance or further consultation.
We will endeavour to communicate next steps within 90-180 days following each consultation.
After the consultation period, RIBO staff present the final draft to the relevant committee for review and approval. In certain cases, guidance may also require review and approval by RIBO’s Council before publication.
We aim to review all Interpretive Guidance, Practice Guidance, and Policies & Procedures Guidance within 3 to 5 years from the publication date or date of last revision.
Guidance documents under review remain in force until updated or withdrawn.
The review periods provided are estimates only and may be adjusted based on organizational priorities and operational needs. We may also adjust or review timelines for developing and releasing updates to existing guidance or publishing new guidance in response to changes in legislation or regulations impacting insurance brokers in Ontario.
While the ultimate responsibility belongs to the insurer as the carrier of the risk throughout the product lifecycle, licensees are required to follow RIBO’s guidance. Treating customers fairly is a shared responsibility between insurers and intermediaries (brokers and agents). For example, brokers must update clients’ needs, educate them, document communication, and disclose conflicts and commissions to provide fair treatment of customers.
There are mandatory disclosures that brokers must provide, including relevant information, conflicts of interest and commissions no later than at the time of quote, with written confirmation and documentation. Clear communication and internal policies are essential for transparency.
The Canadian Insurance Services Regulatory Organizations (CISRO) published conduct guidance to help ensure the fair treatment of customers in the life, health, property and casualty insurance sectors.
Learn more about RIBO’s guidelines on sharing the CISRO conduct guidance.
The purpose of this guidance is to ensure brokers understand their responsibilities under the Take-All-Comers (TAC) Rule and RIBO’s expectations of licensees.
An application for a Secondary Business Exemption must be made to the QR Committee for any other business involvement or employment by submitting a letter of request and completing a secondary business exemption form. A letter from the Principal Broker outlining the qualifications of the individual and supporting the request for the exemption must accompany the application. An individual must be granted an exemption from the QR Committee prior to any involvement in a secondary occupation.
The purpose of this guidance is to inform individual and firm licensees of RIBO’s expectations regarding professional conduct for social media and the use of online review platforms. It interprets existing Code of Conduct obligations in the context of licensees’ online conduct more generally.
Social media can be an important tool for conducting business. It can be used for advertising, education, and social networking opportunities among other uses. Many of these uses can enhance trust in the profession. Social media use also carries professional conduct, regulatory and legal risks. These risks ought to be carefully managed to maintain public trust and confidence in the profession.
Principal Brokers must complete all sections in Form 1 (Position Report) and submit it with the relevant information twice a year. Timely and accurate submission of your Position Report gives RIBO insight into your brokerage’s financial stability and risk factors (such as being able to maintain operations without facing financial distress). Position Reports allow RIBO to assess your brokerage’s capability to fulfill its financial responsibilities, which are essential for complying with regulatory requirements and ensuring that consumer premiums are protected.
Brokers must comply with marketing practices for advertising, social media, website and other rules that promote fair competition and consumer protection.
Access several supplementary resources regarding business/portfolio transfers, claims assistance and more.
All brokers must comply with federal legislation awareness requirements to ensure legal adherence and to mitigate potential risks.
No one wants to be the next victim.
Brokers can use the fraud prevention and education document to identify potential fraud in auto insurance and educate clients on the issue.
As a broker, you have an important role in protecting yourself, your firm, and the insurance industry against fraud and impersonation. Take proactive steps to help mitigate these risks.
Negative option marketing or billing is a deceptive and unfair practice where consumers are automatically charged for a product or service without their explicit consent.
Learn more, and avoid non-compliance regarding negative option marketing or billing.
Consult the new business guidelines for advice on safeguarding insurance brokerages, insurers and consumers against possible fraudulent activity.
As more clients finance premiums, brokerages must carefully manage these funds and their impact on their RIBO trust accounts and compliance with regulations.
Depending on the financing method, brokerages must ensure proper handling of funds, obtain necessary exemptions, and disclose available alternatives, including low cost or no cost premium payment plans.
Learn more about complying with premium financing.
Developing a succession plan is a key component of a Principal Broker’s oversight and supervisory responsibilities. Effective succession planning ensures continuity of leadership and compliance, while mitigating disruption to clients and the firm’s reputation.
The product or service recommended by a broker must be appropriate for the client’s needs. Learn some best practices regarding product suitability.
An unlicensed insurer refers to any insurer not licensed under the Insurance Act. Ontario Regulation 991, Section 10, outlines the broker’s obligations when placing coverage with an unlicensed insurer.
Learn about what is expected of brokers when advising consumers on placing coverage with unlicensed insurers.
It is important for brokers to educate clients about what is and what is not covered in their home policies and how best to prepare themselves against water damage.
Do you have questions?
Our team will be happy to assist you.