RIBO celebrates 20 years

The Registered Insurance Brokers of Ontario (RIBO) annual general meeting, held recently in Toronto, marked the 20th anniversary of the province’s self-regulatory body for property and casualty insurance brokers. Over the past year, RIBO faced new challenges through changes in Ontario’s financial services regulation structure, specifically the merger of the Financial Services Commission of Ontario (FSCO) with the Ontario Securities Commission (OSC).

RIBO has put forward its own system as a model for regulation in the financial services sector, amid speculation on what the province’s new regulatory structure will look like. Fears have been expressed that the merger may leave brokers lost amid a vast regulatory behemoth. However, FSCO has been very public in its support for the RIBO system in the past. Outgoing RIBO president Darren Hamilton notes that talks with new FSCO superintendent Philip Howell are “in the preliminary stages”.

Also on the regulatory front, the Canadian Insurance Services Regulatory Organizations (CISRO) has completed a national broker skills profile. “This will now serve as the basis for harmonized qualified and licensing standards on a national scale and make it easier for brokers to carry on business in other provinces,” says Hamilton.

RIBO’s first president, Donald Lambie, referred to the organization’s beginnings, noting that first general manager Bob Coghill was “flooded with correspondence…with people wanting to be involved”. Originally the regulatory body was accused of being established to “put brokers out of business”, he explains. “We are here to see that the legislation is supported and we hope you will co-operate,” brokers were told at the time. “If you don’t co-operate, then we probably will put you out of business.” Lambie notes that this “splendid tradition” of consumer protection is still guiding the organization today.

Incoming president Joanne Brown will have the task of addressing new broker worries as RIBO moves forward in a changing regulatory environment. “It’s become increasingly obvious that the majority of our members are heavily affected by the changes that are taking place within our industry and are nervous about the changes to come,” says Hamilton.