License Renewal Grace Period Deadline: September 30
Tick! Tock! Although the deadline to renew your RIBO license was August 31, RIBO’s grace period for answering the renewal questions and completing the payment is September 30 at 11:59 p.m. ET.
We strongly encourage you to take action as soon as possible.
Failure to comply will result in your license being administratively suspended. This means that you will no longer be authorized to act as a broker, to receive commissions from insurance brokers or insurers, or conduct any insurance business. You would then have to apply for a reinstatement of your registration, otherwise your registration will be cancelled.
At the end of August, RIBO notified licensees who had yet to renew their license to give ample time to renew or declare their license resignation.
Renewal Resources
IRIS Help
Case Study
As a licensee, you must follow many rules, guidelines, and requirements to remain in good standing and retain your ability to act as a broker.
This series is based on anonymized situations about brokers approaching or crossing the line of acceptable activity. We share these to illustrate behaviour to avoid and the associated consequences.
Miguel was a licensed RIBO broker who worked at an insurance brokerage for several years. When he left the brokerage, Ravi, the Principal Broker at the firm, correctly notified RIBO of Miguel’s departure and Miguel’s license status was changed to ‘Inactive.’
Ravi then proceeded to use Miguel’s email address to communicate with Miguel’s clients. This misled people into thinking that Miguel was still acting as a broker at the firm.
Miguel filed a complaint with RIBO, who took this matter seriously. As part of the investigation, the firm was required to provide copies of all email communications sent from Miguel’s account after his departure.
Upon review, and after careful consideration, the Complaints Committee determined that Ravi had not clarified with the clients that Miguel was no longer with the brokerage.
While Ravi was correct to remain in contact with Miguel’s client, he should have:
- clearly stated that Miguel was no longer at the firm; and
- provided instructions detailing who to contact for questions, policy changes, and other inquiries.
The Complaints Committee ruled that Ravi must take educational courses in ethics and a management program. The Committee further stated that, as a Principal Broker, he was responsible for putting proper policies and procedures in place to prevent this from happening again and to ensure that clients are protected and informed.
Even though the Principal Broker kept the lines of communication open with clients, the way he did so was improper.
Read pages 3 to 7 in our Principal Broker Handbook for guidance on setting up policies and procedures.
Accountability When Outsourcing Broker Functions
When you outsource broker functions to third parties, as a RIBO-licensed broker, you remain accountable for ensuring compliance with RIBO rules, regulations, and legislation for yourself and for third parties acting on your behalf. Failure to do so can result in disciplinary action against you.
For example, when you obtain leads from an aggregator, you are required to conduct a needs analysis and review all your available markets. Even if you obtained detailed quoting information from the lead, you are also required to verify all information received. Further, in the case of auto insurance, you are also expected to obtain and offer additional quotes to remain in compliance with the Take-All-Comers rule. There are numerous other examples where this applies.
Remember, while you can delegate responsibility, you cannot delegate accountability.
Learn more about the professional conduct requirements for Ontario general insurance brokers in our Code of Conduct Handbook.
Run for Council
Apply by September 20
Are you interested in giving back to the profession, gaining board experience, and making a difference in how brokers are regulated?
RIBO licensees in good standing can apply by September 20 at 4 p.m. ET to the Governance and Nomination Committee to be considered for one of three RIBO Council member vacancies to be filled this November.
New this year, public declaration of candidacy is not required. Applications will be reviewed and recommendations will be presented to the membership based on the skills and backgrounds needed to establish an effective, well-rounded, and representative Council.
Currently, we are looking for individuals with experience in at least one of the following areas:
- Working in a small brokerage or Managing General Agency
- Advising and selling personal insurance
- Working closely with day-to-day brokerage activities including overseeing processes, training and/or overseeing junior brokers.
To read more about eligibility criteria and submitting your online application, please visit our Running for Council webpage.
On September 4, we held an information session to explain the new process and what is involved, as well as answering your questions. If you missed this, you can view our video recording and presentation slides.
Online Broker Services
- Principal Brokers can provide firm-related updates online using our Principal Broker Menu.
- Staff lists and license restriction levels are available in IRIS.
Helpful Resources
- Recently Approved Continuing Education Courses
- Recent Regulatory Decisions
- See the latest additions and deletions to the RIBO Register.
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