RIBO stands for the Registered Insurance Brokers of Ontario, which is the self-regulatory body for insurance brokers in Ontario. RIBO was established by the Ontario government in 1981 to protect the public during insurance transactions with brokers. RIBO regulates the licensing, professional competence, ethical conduct, and insurance related financial obligations of all independent general insurance brokers in the province.
In Ontario, the Registered Insurance Brokers Act governs the insurance brokerage profession to ensure the following:
As an independent insurance professional, a RIBO licensed broker may sell general insurance including coverage of your home, business, car or other vehicles, leisure vehicles such as boats or snowmobiles, etc. Licensed brokers can offer product choices from a variety of insurance companies and offer independent advice.
Every employee at Mitchell & Whale that advises clients about their insurance needs is a licensed, registered insurance broker who has passed the RIBO qualification exams. The ongoing requirements for continuing education ensure our clients receive up-to-date insurance expertise specific to Ontario. As registered insurance brokers, Mitchell & Whale represent their client’s best interests when negotiating a contract on behalf of their client and the insurer.
Want to add to this story? Let us know in comments below! Mitchell & Whale is a fast-growing insurance brokerage in Ontario, striving to make insurance _not suck_ one customer at a time. Give us a call today to discuss any of your insurance needs at 1.800.731.2228.