RIBO includes auto reform best practices in spot-checks

The Registered Insurance Brokers of Ontario (RIBO) issued a set of Best Practices related to the 2010 auto reforms, and these are now included in the self-regulatory body’s spot checks, RIBO president Al Chamney says.
Chamney spoke of RIBO’s initiatives during its Annual General Meeting in Toronto on Nov. 4.
The goal of RIBO’s spot-check program is to visit all members at least once every three to five years, helping members identify any financial or compliance issues at an early stage.
The auto reforms have heightened brokers’ responsibilities and have placed even greater importance on the role of the principal broker. “Now more than ever, it’s imperative that all brokerages should have these policies in place,” Chamney said.
RIBO staff are also reviewing and updating the Principal Brokers’ Handbook, a document designed to assist principal brokers with their supervisory duties.
In addition, the organization is also taking on “green initiatives.”
For example, Chamney said RIBO is considering offering secure online voting for its annual council elections as well as paper ballots. It has also moved towards the use of email blasts and offering documents in electronic form, rather than mailing out paper bulletins and documents.