RIBO ACT LATEST 2023 ALREADY GRADED A

RIBO ACT LATEST 2023 ALREADY GRADED A Who can be a broker Section 5(a) An Individual, greater than 18, Good Character, Has not been convicted, has not been refused membership in the past, Satisfies educational requirements, only business is insurance, carries in business, continuing education. Section 6 - Co-operation, only business is insurance, under the guidance of a principal broker, complied with provision of the regulation, not in contravention to the Insurance act. Section 7 - Partnership - only business is insurance, under the guidance of a principal broker, Majority equity interest and voting interest are held by persons who are registered, complied with provision of the regulation, Section 7.1 - sole proprietorship - only business is insurance, Shall designate an individual who is an insurance broker, Disqualification of a principal broker Is not in default of paying fees, Is made a subject of complaint is not in a class of membership that requires supervision Holds a position of owner, partner, director, or employee thereof Can be designated as a principal broker after due approval form the committee requested in writing Satisfy educational requirements as prescribed The broker can delegate tasks assigned to him by the principal Section applies to deputy brokers as it does to the principal broker Definition of insurance broker means any person who for compensation or commission or anything of value with respect to persons or property in Ontario, deals directly with the public and (a) Acquiring business, negotiating contracts, bind coverage and countersign on behalf of the insurer (b) provide risk management and claims assistance services (c) Provides consultancy and advisory services (d) Examines, appraises, reviews any insurance policy Code of conduct a) function with integrity (b) Be knowledgeable (c) Serve the members client with diligence, efficiency and conscientiously, expected of every member Misconduct (a) Ethical solicitation of business with complete disclosure of terms and benefits (b) Incomplete comparison of any policy or contract of insurance with that of any other insurer (c) Do not accept an item of value to induce the insured to the insurer (d) Do not offer a rebate or excess than that stated in the policy, either in cash or any thing of value. This excludes dividends, Bonus and profit or savings. (e) Doing business under a non registered name is not permissible. (f) The use of any practise that results in an unreasonable delay or resistance to fair adjustment (g) Failure to carry on business that is consistent to the code (h) Impersonating an insurance broker with proper license (I) Being convicted of an offence either criminal or against the insurance act (j) The payment of or acceptance of referral or finders fee from persons who are not a licensed Insurance broker, licensed to sell mutual funds, real estate broker, engaged in the business of a financial planner, engaged in the business of financing premiums, engaged in the business of providing products and service to reduce premiums or engaged in the business of providing products and services to reduce risk. (k) Misconduct as the principal broker in the capacity of owner, partner or director or employees thereof (l) Providing false or misleading information to the cooperation (k) Acting as principal broker when a member has failed to meet the educational requirements (l) Failure to supervise brokers with limited registration acting under his/her direction. Powers of discipline committee If found guilty of misconduct, a) Revoke the certificate b) Suspend the certificate c) impose restrictions or conditions d) reprimand and record in register e) Impose fine as defined in the regulation, collected fine will be deposited with the treasurer into the Consolidated revenue fund f) Direct that the imposition of a penalty be suspended or postponed g) Reimburse any person who has made a complaint for any cost incurred in the proceedings. Or any combination thereof Offense a) Every person who contravenes this act is subject to a 100,000 fine or to a max six months imprisonment or both b) Where a corporation is convicted of an offence the maximum penalty would be 200,000 and not as provided therein c) No proceeding shall be commenced more than 5 years after that time when subject matter of the proceeding arose. Fine for misconduct Maximum fine that may be lived against a member is 25000, unless the member is an individual in which case the fine is 5000 Establishment of a committee (a) A qualification and registration committee (b) One or more complaint committee (c) a Discipline committee Additional committees as required Panel of lay persons The number of persons to be assigned to the committee will be announced by the Lieutenant General in Council, under a limited term not exceeding four years, eligible for one reappointment Powers and duties of Qualification and registration committee Determine eligibility of applicant for certificates and renewals, pass additional examinations, pay fees or take additional training as the committee sees fit Duties of the complaint committee - a) a written complaint must be filed against the member, the committee shall provide adequate notification and expect reasonable explanation from the member accused. b) Exam the case Idem of the Complaint committee a) Direct the matter, whole or in part to the Discipline Committee b) Direct the matter not be referred under clause a c) Take action as appropriate under regulation with this act and its by laws Duties and powers of the Discipline committee (a) Provide arbitration for case referred from the council or complaint committee (b) Hear and determine matters referred to it under sect 16 and 22 c) Perform other duties assigned by the council Idem of the Discipline committee After hearing into allegations of misconduct / incompleteness a) Consider, hear and ascertain the facts b) basis the ascertained facts has allegation been proved c) Determine whether in respect the member is guilty d) determine the penalty By law number 20 section 3 (a) If any information contained in a document filed with the manager changes , the person who filed the document shall notify the manage in writing within 30 days after the change has taken place. Page 31 section 16 (4) a) receipt of trust money shall be deposited in the trust account or invested as defined in section 5 b) Deposits / investment must be made within three banking days after the day the money is received c) Member shall not withdraw from the trust account or from investment returns made via the trust money (premiums) d) The member may withdraw money belonging to him and deposit into the members general account page 26 section 9 The broker within 21 days must send a cover letter to the insured certifying that the insurance has been placed and at the same time send a copy of the cover letter to the insurer(s) whose names appear on the policy or certificate Section 19 & 20, page 34 and 35 Every member who is a sole proprietor, partner, cooperation is required to maintain the minimum capitalization amount equal to or not less than the errors and omissions and fidelity insurance policy a) in case of a member who is a sole proprietor 2500 or b) in case of a partner or cooperation 5000, whichever is greater 20) Every member must maintain an errors and omission with extended coverage for loss resulting from fraud b) Some other form if financial guarantee In a form approved by the manager in an amount of at least 1,000,000 in respect of any occurrence Class of membership Restricted to acting under supervision a) The member acting under supervision for a continuous 24 months from the date of registration, he cannot be termed as a designated individual, nor he may act as a sole proprietor or control trust funds Composition of a council a) Member of co-operations elected to the council by the members of the co-operation shall be 9 b) The lay persons in the council shall be 4 appointed by the lieutenant Governor of the council