New By-Laws Passed
We’re excited to announce that the new by-laws No. 1, No. 2 and No. 3 were approved by Special Resolution by RIBO members on April 9, 2024. They allow us to continue modernizing and streamlining our processes.
What It Means for You
License requirements remain the same. The new by-laws do not create any new regulatory requirements for individuals or firms to maintain their licenses.
The new by-laws:
- Modernize our governance approach
- Clarify and update existing requirements, and
- Bring us into conformance with Ontario’s Not-for-Profit Corporations Act.
Below are some of the changes as a result of the new by-laws:
By-Law No. 1
By-Law No. 1 relates to the general conduct of the corporation’s affairs. It covers matters relating to the governance and structure of the organization. The language in this by-law has been updated, but remains substantively the same. Two changes incorporated into these updates are:
- The quorum for special meetings and annual general meetings has increased from six to 25.
- Council members can now serve for a maximum of two three-year terms.
By-Law No. 2
By-Law No. 2 relates to the nomination and election of Council members.
This is a new by-law that consolidates and modernizes provisions relating to the nomination and election process. In this update process, the Governance and Nominating Committee will have the primary responsibility to solicit nominations, review and assess candidates against the qualification requirements and needs of the Council, and recommend to Council a slate of candidates to stand for election as directors.
By-Law No. 3
By-Law No. 3 outlines how we regulate the industry and the rights and responsibilities of the licensees. Updates include:
- New licensing framework
- Licenses will have class names Level 1, 2 and 3.
- This does not change what products or services brokers can or cannot offer or sell.
- Modified notice requirement
- Licensees who are brokers are now required to notify RIBO within 10 days (instead of 30 days) of any change to their license status.
Under the new structure, license classes have been reorganized as follows:
Level 1 Licensees
Individuals who have achieved the Entry Level Broker or Level 1 competency holding licenses in the following classes: Acting Under Supervision; Acting Under Supervision (No A&S or Travel); and Acting under Supervision (Including Travel, No A&S); will be classified as Level 1 Licensees.
Level 2 Licensees
Individuals who have achieved the Technical/Commercial competency holding licenses in the following classes: Unrestricted Technical; Unrestricted Technical (No A&S or Travel); and Unrestricted Technical (Including Travel, No A&S); will be classified as Level 2 Licensees.
Level 3 Licensees
Individuals who have achieved the Management competency holding licenses in the following classes: Unrestricted; Unrestricted (No A&S or Travel); and Unrestricted (Including Travel, No A&S); will be classified as Level 3 Licensees.
The new license framework does not change what products brokers are allowed to sell.
Travel Insurance
Going forward, RIBO has removed the travel competency endorsement from its licensure levels to better align itself with other provinces. In addition, there will be no minimum passing mark for this section of the Level 1 exam.
RIBO will retire its standalone Travel and Health exam but will continue to maintain and update its Level 1 exam travel and health questions to ensure this core competency continues to be evaluated.
Effective immediately, all new licenses will be issued as a Level 1, 2 or 3.
All currently licensed individuals will be transitioned into the new framework prior to October 1, 2024.
Should you have any questions, please visit the FAQs page on our website for information about licensing structure changes and the new by-laws. After viewing that page, if you still have any questions or need further information, please contact info@ribo.com, and our dedicated team will be happy to assist.