Ribo License is a professional credential that qualifies you to sell insurance in Ontario. It is granted by the Registered Insurance Brokers of Ontario, or RIBO, which oversees licensing and code of conduct for insurance brokers in the province.
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RIBO has a number of powers to investigate and discipline brokers, including the ability to appoint investigators to enter the office of members and examine their records. They also have the power to apply to the courts for search warrants, similar to those used by police officers, in order to obtain documentation that could assist in an investigation. Anyone, not just a member of RIBO, who contravenes the RIBO Act is guilty of an offence and can be fined or even sentenced to prison. This Link : pnclearning.com
Jesse Boles, a former Ontario broker who let his licence lapse in September 2017, was recently disciplined by RIBO for his actions. RIBO found that Boles committed misconduct under Ontario Regulation 991, which states that members must act with honesty and integrity, discharge their duties to clients, fellow members and insurers with skill and competence, and avoid conflict of interest.
RIBO requires that all insurance brokers in the province maintain a RIBO Level 1 license or higher. Getting this license allows you to advise and sell general lines of insurance such as home, auto and business insurance. Those who want to take their careers further can then get their RIBO Level 2 license, which gives them more freedom in the workplace and allows them to supervise other brokers who hold a RIBO Level 1 or lower. Once a RIBO Level 2 license is obtained, brokers can then consider obtaining a RIBO Management License which gives them the authority to run their own brokerages.
