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RIBO LEVEL 1 > Ch.13/RIB Act > Flashcards

Ch.13/RIB Act Flashcards

1
Q

Who is RIBO?

A
  • overseer of in’s. Broker biz
  • self governing organization for general ins. Brokers
  • regulates licensing, professional competence, ethical conduct, insurance related financial obligations
  • examine candidates
  • investigates complaints + penalizes
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2
Q

RIBO is governed by?

A

The council:

13 ppl

  • 9 elected brokers
  • 4 public members

Acts as “board of directors “

council elected annually

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3
Q

Councils main authority(Q/RCD)

A
  1. Qualification and registration committee
  2. Complaints committee
  3. Discipline Committee
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4
Q

RIBO 5 departments

A
  1. Admin and finance 2. Complaints and investigation 3. Corporation legal services 4. Marketing and communication 5. Qualification and registration
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5
Q

Administration and finance

A

-financial matters - clerical and office services

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6
Q

Complaints and investigations Dept

A
  • monitor broker conduct and financial position
  • spot checks every 3-5 years
  • hears and reviews initial complaints
  • if serious, assigned to investigator
  • once broker notified of complaint agains them, they have 2 week to respond in writing
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7
Q

Corporate legal services

A
  • legal services to council , committees, etc -reports to general manager - counsels any RIBO member on RIBO act
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8
Q

Communication and marketing

A

-Responsible for all marketing materials and newsltters

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9
Q

Qualification and Registration

A

-Administers qulification an registration requirements of RIB act -reviews all applications and renewal applications -reponsible for broker examinations and any changes necessary -gives advice and guidance on all q&r issues

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10
Q

policy/certificate

A

must be provided to cient within 21 days after placing such covrage

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11
Q

fees for services

A

PRIOR TO PLACING- must be disclosed to the person: the amount of fee, portion of premium retained, total premium

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12
Q

brokers responsibilities

A
  • give knowledgeable advice
  • counsel on risk management
  • give adequate knowledge of risk to insurer
  • co-operate w/ insurer
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13
Q

broker trust account

A

-premiums from clients must be deposited in to trust account within 3 banking days

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14
Q

brokers are fiduciary in nature

A
  • special trust/confidence in handling/supervising affairs/funds of others
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15
Q

discipline committee

A

if violation, brought before complaints commiitee -may direct matter to Discipline committee - power to: revoke,

place conditions,

imposr a fine,

impose reimbursement

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16
Q

who can be a broker

A

see pic

17
Q

when does RIBO cert. expire

A

sept 30 every year

18
Q

notify RIBO of change in status

A

within 30 days

19
Q

issuing with unlicenced insurers

A

-must inform clients that insurer not licensed before place client -req written consent -cannot place auto insurance UNLESS is in excess of min limits -file quarterly w/ superintendent re: UN licence

20
Q

what investments can be purchased w/ trust funds

A
  • marketable securities
  • stock certificates
  • bonds
  • debentures
  • treasury billd or any other thing of value tha can be negotiated by broker
21
Q

Minimum equity capitalization member needs

A

$2500 sole prop

$5000 partnership/corp

22
Q

errors and omissions insurance minimum

A

$3,000,000

23
Q

Fidelity Insurance min

A

$100,000

24
Q

can broker make other arragements for payment of policy?

A

YES must be disclosed before insurance placed + shown as service fee no rebating (giving back to cust some of commission or paying part of premium)

25
Q

RESTRICTED LICENCE

A

can: -deal w/ public -aid in obtaining insurance/reinsurance -provide risk mgmt -provide insurance consulting services

26
Q

can broker pay referral lead fees

A

991-15 misconduct #12 (pg30-31) Can pay referral fees to ppl only if: - licences insueanre agent/broker -licences to seek mutual funds - licenced to sell real estate -licenced mortgage broker Financial planner Providing financing for payment Providing a prod/sec that reduces risk

27
Q

RIBO misconduct

A

false advertising rebating harassing potential clients acting as a broker when no see list

28
Q

what is a principal broker

A

-has a uthority to act in the name/on behalf of the firm -personally responsible for inproper acts of the firm -responsible to see that all trust accounts/book; records, and accounts maintained

29
Q

Fine for misconduct

A
  • Maximum: $100,000
    • UNLESS member is an individual: max $25000
30
Q

By law 20

A
  • mus t renew membership every year
  • applocation and fees must be filed on/before aug 31
    • otherwise, suspended by sept 30

RIBO LEVEL 1 (19 decks)

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