RIBO adjusts to market change

Darren Hamilton was elected the incoming president of the Registered Insurance Brokers of Ontario (RIBO) at the organization’s recently held annual general meeting. In his closing remarks, former president Art Despard acknowledged that Canada’s brokerage market is facing significant change, and to remain relevant in such an environment, RIBO will have to be open to new approaches in monitoring the activities of brokers. “…brokers will have to alter many of the ways we do business in order to stay competitive. As a regulatory body, we need to stay on top of these changes…if we are to keep up with our responsibility to regulate the profession and protect the public.”

During the course of the year, RIBO focused on relationship building with numerous organizations from the provincial to the federal levels involved with the brokerage community. These relationships, including close dealings with the Financial Services Commission of Ontario (FSCO), have enhanced the effectiveness of RIBO and its positive interaction with the market. “It is through this exchange of information and ideas that we find new ways to effectively regulate our profession.”

RIBO has updated its Internet site with the addition of a “news and updates” section where brokers will be able to access latest regulatory news as it happens.

The top issues for the year ahead will be dealing with the merger of FSCO and the Ontario Securities Commission, and plans by the provincial regulator to change the current sole occupation and ownership restrictions applying to Ontario’s brokers. “We’ll advise you of the details when they become available,” he adds.