RIBO AGM tackles market capacity dirge

The licensing body for Ontario’s brokers is taking notice of the market availability crisis. At the recently held Registered Insurance Brokers of Ontario (RIBO) annual general meeting, outgoing president Joanne Brown says that concerns over the current tight market have been put forward by many brokers. “Through individual conversations with brokers and calls to the RIBO office, it has become quite obvious that brokers are greatly affected by the rapid changes that are taking place in our industry and are nervous about the challenges that lie ahead.”

In response, RIBO has formed a sub-committee to address the issue of market availability and to hold discussions with other industry groups such as the Financial Services Commission of Ontario (FSCO). “Current market conditions have put a strain on many brokers.” However, she adds, “we need to be cautious on how we deal with this issue to ensure that whatever action is taken it will not negatively impact consumers”. The demise of Markham General put immense pressure on the province’s brokers, but Brown notes, “I was pleased with the proactive role RIBO took on behalf of consumers by contacting and monitoring all Markham General brokers during this difficult time”.

Other issues include the upcoming implementation of the federal Privacy Act in 2004. As well, RIBO has established a reciprocity agreement with its Quebec counterpart, la Chambre de l’Assurances de Dommages (ChAD), so that continuing education credits will be mutually recognized.

Brown has been succeeded as president of RIBO by Art Langley. Other board members include vice president Rod Finlayson, secretary Toots Everley, treasurer Jack Baizana, and new board members Byron Moffitt and Caroline Benedict.