RIBO 50 Questions With Complete Solutions

Those exempt from RIB Act. - ️️lawyers, agents, accountants, adjusters, travel insurance agents, admin staff, trustee, reinsurance broker. Who can be a broker? - ️️- age of majority - of good character - no criminal charges - no refused, suspended or revoked licenses - meet educational and experience requirements of Qualification and Registration Committee. - complies with Act - only business is Insurance Broker Insurance Broker defined: - ️️Any person who for any commission, compensation or other thing of value with respect to persons or property in Ontario, deals directly with the public: - acts in soliciting, negotiating, procuring insurance - provides risk management or claim services - provides consulting or advisory on insurance or re-insurance. -holds themselves as an insurance consultant, examines, appraises, recommends, evaluates insurance. 9 Classes of RIBO Membership - ️️1. Restricted to Accident and Sickness 2. Restricted to other than Accident and Sickness 3. Restricted to Acting Under Supervision - supervised for 24 months from registration, not a DI, not sole proprietor, not controlling trust funds, restricted to general insurance. 4. Specific Restrictions 5. Restricted to Consulting