What’s New: In Brief (November 05, 2009)

The Registered Insurance Brokers of Ontario (RIBO), the self-regulating body for Ontario brokers, opened 113 new complaint files in 2008-09, comparable to the 92 new files it opened in 2007-08.
Of those new complaint files opened in 2008-09, more came from members of the public and member brokers than in the previous year.
For example, members of the public were the source of 36 new complaints in 2008-09, whereas the public represented the source of only 26 complaints in 2007-08.
Similarly, RIBO opened 25 new files in 2008-09 arising from complaints made by member brokers, whereas in 2007-08 member brokers were the source of 15 new complaint files.

RIBO is continuing to participate in discussions with Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), over the possible licensing of insurance wholesalers in the Province of Ontario, the broker regulator announced in its 2008-09 Annual Report.
In the meantime, as these discussions continue, RIBO said its was “pleased by the number of wholesalers that have chosen to join RIBO on a voluntary basis.”
The number was not disclosed in the report.

Brian Cook of Grey Power Insurance Brokers Inc. received the 2009 Donald W. Lambie Award from the Registered Insurance Brokers of Ontario (RIBO).
The award goes to the individual with the highest mark in the initial RIBO qualification examination.