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RIBO ACT -Exam Questions With Correct Answers.
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RIBO ACT -Exam Questions With Correct Answers. An insurance broker - answermeans any person who for compensation, commission or other thing of value, with respect to person or property in Ontario, deals directly with public and holds himself, herself or itself out as : 1. acts or aids in negot...

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  • September 8, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ribo act exam questions with correct answers

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©THEBRIGHTSTARS 2024


RIBO ACT -Exam Questions With Correct
Answers.


An insurance broker - answer✔✔means any person who for compensation, commission or other
thing of value, with respect to person or property in Ontario, deals directly with public and holds
himself, herself or itself out as :
1. acts or aids in negotiating the contracts of insurance
2. provides risk management service
3. makes recommendations or gives advice regarding the insurance plan

A manager may cancel a registration when: - answer✔✔1. for non-payment of any prescribed
fee after giving the member at least one month notice in writing of the default and intention to
cancel the registration
2. An individual member may resign his or her membership by filing with the Manager a
resignation in writing and the registration is thereupon cancelled

No person shall use the title "registered insurance broker" unless: - answer✔✔the person is the
holder of a certificate under this Act

Subjects to the regulations, the council shall be composed of: - answer✔✔(a) eight persons who
are individual members of the Corporation and are elected by the members in the manner
provided by the regulations;
(b) three persons who are not members of the Corporation and are appointed by the Lieutenant
Governor in Council.
No person shall act as an insurance broker unless the person is a registered insurance broker
under this Act except: - answer✔✔(a) lawyers, accountants or actuaries acting in their
professional capacity;
(b) an insurance agent licensed under the Insurance Act, while acting within the authority of his
or her licence;
(c) an insurance adjuster licensed under the Insurance Act, while acting within the authority of
his or her licence;
(d) any individual, partnership or corporation who acts solely as a reinsurance broker;

, ©THEBRIGHTSTARS 2024
(e) a person registered under the Travel Industry Act, 2002, acting in respect of travel accident
and sickness, baggage or trip cancellation insurance;
(f) an employee of a person registered under this Act when the employee is acting for or on
behalf of his or her employer engaged solely in the performance of clerical or administrative
duties in the office of his or her employer;
(g) any regular salaried employee of an insured or of a subsidiary or affiliate or corporate insured
whose duties in whole or in part are to negotiate for or procure insurance or render other services
on behalf of such employer or employers in connection with the procuring or maintaining of
insurance on the property or risks of such employer or employers if the employee does not
receive compensation, commission or other thing of value from any insurance agent, broker, or
insurer for, or in connection with such services;
(h) a trustee appointed under this Act;
(i) an insurer or a subsidiary or an affiliate of an insurer or any employee, officer or director
thereof if he or she is not acting in any manner in soliciting, negotiating or procuring the making
of any contract of insurance;
(j) such other persons as are exempted by the regulations.
Within four months after the termination of each financial year, the Corporation must provide to
its members and the minister an annual report relating to its activities in the year : -
answer✔✔(a) financial statements of the Corporation and the auditor's report thereon;
(b) a summary of the complaints received against members, categorized by source, type and
disposition of the complaint;
(c) a summary of disciplinary proceedings undertaken against members, categorized by source,
type and disposition of the proceedings;
(d) a summary of the applications for registration and the disposition of the applications;
(e) membership statistics of the Corporation, categorized by size and type of member;
(f) an identification of matters of policy currently under review by the Council and of any
proposed changes in policies or programs; and
(g) any other information considered relevant by the Corporation or requested by the Minister.
The Council may pass by laws relating to the administrative and domestic affairs of the
Corporation not inconsistent with this Act and the regulations and, without limiting the
generality of the foregoing: - answer✔✔(a) prescribing the seal of the Corporation;
(b) providing for the execution of documents by the Corporation;
(c) fixing the financial year of the Corporation and providing for the audit of the accounts and
transactions of the Corporation;

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