Ontario brokers complying with disclosure, says RIBO

Ontario’s brokers are in “virtually 100% compliance” with a RIBO requirement to produce disclosure statements during routine spot checks by the industry’s self-regulating body. In a recent speech at RIBO’s annual general meeting in Toronto, RIBO’s immediate past president, Toots Everley, noted that “RIBO now considers commission disclosure to be standard conduct in the brokerage industry in Ontario. Accordingly, we now request a copy of each firm’s disclosure statement as a matter of course during our routine spot checks.Failure by a broker to do so may result in complaint proceedings through RIBO’s disciplinary process. However, to date, we have seen virtually 100% compliance.” RIBO also noted the formal adoption of the reliance model for the reciprocal licensing of insurance agents and brokers. “The model states that a host jurisdiction relies on most of the requirements of the agent’s or broker’s home jurisdiction, but could request that the agent or broker meet further requirements specific to the host jurisdiction.”For example, brokers or agents making applications to RIBO must write the equivalency exams in Ontario Automobile and the RIBA Act, regulation and bylaws.”Everley noted that six Canadian jurisdictions require their agents and brokers to secure continuing education credits. By agreement, she added, “Alberta, Saskatchewan, Ontario and the chamber that administers continuing education for general agents and brokers in Quebec have agreed not to impose any further continuing education requirements on a non-resident agent or broker who has met the requirements in their home Canadian jurisdiction, as long as that jurisdiction mandates continuing education.”British Columbia and Manitoba have agreed to review their positions on this issue.” RIBO also ratified the members of its RIBO Council officers for 2006-07. They include Rod Finlayson (past president), Bonnie Warder (president), Paul C. Armstrong (vice president), John Baizana (secretary) and Al Chamney (treasurer)