RIB Equivalency Course Notes
Who can pass change to the RIB act? - Answer-Province of Ontario
Are the Regulations Legislated? - Answer-No. changes to the Act or Regulations that
need to be made by RIBO must be approved by RIBO's Council
What are bylaws? - Answer-They are changes to the Act or Regulations that need to
be made by RIBO must be approved by RIBO's Council
Do Bylaws need to be approved by the RIBO Council? - Answer-Yes. They are NOT
linked to the Act or the Regulations but do need to be approved by the RIBO
Council.
What date was RIBO Granted self-regulating Authority by the Superintendent ? -
Answer-October 1, 1981
What is a registered insurance broker?
1. A broker is an independent insurance professional in Ontario governed by the
Registered Insurance Brokers Act.
2. Brokers sell general insurance including coverage of home, business, automobile,
boat, commercial, etc.
3. They offer product choices from a variety of companies (markets) and typically
offer independent advice.
4Brokers represent their client's best interest when negotiating a contract between
the client and the insurer.
5. All the above - Answer-5. All the Above.
A Registered Insurance Broker in Ontario is an independent insurance professional
who is governed by the Registered Insurance Brokers Act.
Whose best interest does a broker represent when negotiating a contract between a
client and an insurer?
A. Society
B. The Clients
C. The Insurers
D. RIBO - Answer-B. The Client
An insurance broker is a professional who:
- Procures insurance of reinsurance
- Provides risk management services when required
- Provides consulting or advisory services with respect to insurance or reinsurance,
or
- Holds themselves out as .........
A. An Insurance Consultant
B. An Insurer
C. A Financial Advisor
,D. A Claims Adjuster - Answer-A. An Insurance Consultant
Under the RIB Act, an insurance broker is allowed to provide claims assistance for
clients.
True of False ? - Answer-True
What Makes up the RIBO Council?
a. Premier, 8 elected brokers, 3 public members
b. RIBO President, 7 elected brokers, 4 public members
c. 8 elected brokers, 3 public members, RIBO Employee
d. Lieutenant Governor, 8 elected brokers, 3 public members - Answer-d. Lieutenant
Governor, 8 elected brokers, 3 public members
To whom is RIBO accountable?
a. the minister of finance
b. the superintendent of financial services
c. every RIBO registrant
d. all the above - Answer-d. all the above
True or False?
In addition to audited financial statements, the Annual Report includes Committee
reports and summaries of registration numbers and discipline proceedings. -
Answer-True
How many are elected brokers and how many are public members appointed by the
Lieutenant Governor in council?
a. 10 brokers / 3 public members
b. 8 brokers 3 public members
c. 9 brokers / 4 public members
d. 7 brokers / 6 public members - Answer-b.
The Annual report and a report of yearly examination by the Financial Services
Commission are provided to ___ for review by its members.
a. The house of Commons
b. The Ontario Legislature
c. FSRA
d. IBC - Answer-b. The Ontario Legislature
The Annual report and a report of yearly examination by the Financial Services
Commission are provided to ___ for review by its members. - Answer-
Who acts as the liaison between RIBO and the government?
a. The minister of Finance
b. The Lieutenant Governor
, c. The Attorney General
d. The Superintendent of Financial Institutions - Answer-b. The Lieutenant Governor
The Qualifications & Registration committee is responsible for setting standards for
__
a. Success
b. Competency
c. Ethics
d. Professionalism - Answer-b. Competency
True or False
The Q&R Manager is responsible for issuing certificates or renewals to every
applicant who qualifies under the Act. If the Q&R Manager proposes to refuse the
application, the application must be referred to the Q&R Committee. - Answer-True
If the Q&R Committee upholds the refusal, the applicant is entitled to a hearing.
Within how many days of being notified must the applicant request a hearing?
a. 7
b. 10
c. 15
d. 30 - Answer-c. 15
When does the Complaints Committee do spot checks?
a. Every 3-5 years for all brokerages
b. Only conducted annually if a broker has been the subject of a complaint.
c. Every 5-7 years
d. Select brokerages every 5 years - Answer-a. every 3-5 years for all brokerages
What is the other committee works in flow from the Complaints Committee?
a. Investigations Committee
b. Discipline Committee
c. Complaints Committee
d. Finance and Audit Committee - Answer-b. Discipline Committee
Where do financial complaints usually originate?
a. consumers
b. RIBO financial investigator spot checks
c. superintendent of financial institutions
d. lieutenant governor - Answer-b. RIBO financial investigator spot checks
True or False
Each complaints committee must have at least one non-member of RIBO. - Answer-
True
True or False
Who can pass change to the RIB act? - Answer-Province of Ontario
Are the Regulations Legislated? - Answer-No. changes to the Act or Regulations that
need to be made by RIBO must be approved by RIBO's Council
What are bylaws? - Answer-They are changes to the Act or Regulations that need to
be made by RIBO must be approved by RIBO's Council
Do Bylaws need to be approved by the RIBO Council? - Answer-Yes. They are NOT
linked to the Act or the Regulations but do need to be approved by the RIBO
Council.
What date was RIBO Granted self-regulating Authority by the Superintendent ? -
Answer-October 1, 1981
What is a registered insurance broker?
1. A broker is an independent insurance professional in Ontario governed by the
Registered Insurance Brokers Act.
2. Brokers sell general insurance including coverage of home, business, automobile,
boat, commercial, etc.
3. They offer product choices from a variety of companies (markets) and typically
offer independent advice.
4Brokers represent their client's best interest when negotiating a contract between
the client and the insurer.
5. All the above - Answer-5. All the Above.
A Registered Insurance Broker in Ontario is an independent insurance professional
who is governed by the Registered Insurance Brokers Act.
Whose best interest does a broker represent when negotiating a contract between a
client and an insurer?
A. Society
B. The Clients
C. The Insurers
D. RIBO - Answer-B. The Client
An insurance broker is a professional who:
- Procures insurance of reinsurance
- Provides risk management services when required
- Provides consulting or advisory services with respect to insurance or reinsurance,
or
- Holds themselves out as .........
A. An Insurance Consultant
B. An Insurer
C. A Financial Advisor
,D. A Claims Adjuster - Answer-A. An Insurance Consultant
Under the RIB Act, an insurance broker is allowed to provide claims assistance for
clients.
True of False ? - Answer-True
What Makes up the RIBO Council?
a. Premier, 8 elected brokers, 3 public members
b. RIBO President, 7 elected brokers, 4 public members
c. 8 elected brokers, 3 public members, RIBO Employee
d. Lieutenant Governor, 8 elected brokers, 3 public members - Answer-d. Lieutenant
Governor, 8 elected brokers, 3 public members
To whom is RIBO accountable?
a. the minister of finance
b. the superintendent of financial services
c. every RIBO registrant
d. all the above - Answer-d. all the above
True or False?
In addition to audited financial statements, the Annual Report includes Committee
reports and summaries of registration numbers and discipline proceedings. -
Answer-True
How many are elected brokers and how many are public members appointed by the
Lieutenant Governor in council?
a. 10 brokers / 3 public members
b. 8 brokers 3 public members
c. 9 brokers / 4 public members
d. 7 brokers / 6 public members - Answer-b.
The Annual report and a report of yearly examination by the Financial Services
Commission are provided to ___ for review by its members.
a. The house of Commons
b. The Ontario Legislature
c. FSRA
d. IBC - Answer-b. The Ontario Legislature
The Annual report and a report of yearly examination by the Financial Services
Commission are provided to ___ for review by its members. - Answer-
Who acts as the liaison between RIBO and the government?
a. The minister of Finance
b. The Lieutenant Governor
, c. The Attorney General
d. The Superintendent of Financial Institutions - Answer-b. The Lieutenant Governor
The Qualifications & Registration committee is responsible for setting standards for
__
a. Success
b. Competency
c. Ethics
d. Professionalism - Answer-b. Competency
True or False
The Q&R Manager is responsible for issuing certificates or renewals to every
applicant who qualifies under the Act. If the Q&R Manager proposes to refuse the
application, the application must be referred to the Q&R Committee. - Answer-True
If the Q&R Committee upholds the refusal, the applicant is entitled to a hearing.
Within how many days of being notified must the applicant request a hearing?
a. 7
b. 10
c. 15
d. 30 - Answer-c. 15
When does the Complaints Committee do spot checks?
a. Every 3-5 years for all brokerages
b. Only conducted annually if a broker has been the subject of a complaint.
c. Every 5-7 years
d. Select brokerages every 5 years - Answer-a. every 3-5 years for all brokerages
What is the other committee works in flow from the Complaints Committee?
a. Investigations Committee
b. Discipline Committee
c. Complaints Committee
d. Finance and Audit Committee - Answer-b. Discipline Committee
Where do financial complaints usually originate?
a. consumers
b. RIBO financial investigator spot checks
c. superintendent of financial institutions
d. lieutenant governor - Answer-b. RIBO financial investigator spot checks
True or False
Each complaints committee must have at least one non-member of RIBO. - Answer-
True
True or False
