How does the RIBO Act promote consumer protection?

The RIBO Act promotes consumer protection primarily by establishing standards for broker conduct and ensuring accountability within the insurance industry. This means that brokers are required to adhere to certain ethical and professional guidelines, which helps to maintain a high level of service and trustworthiness. By setting these standards, the Act helps protect consumers from unfair practices or misconduct by brokers, ensuring that they receive appropriate advice and services that meet their insurance needs.

Additionally, accountability measures allow for oversight and recourse for consumers in case a broker fails to comply with the established standards. This regulatory framework fosters an environment where consumers can feel confident in the services they receive from licensed insurance brokers, as well as offering mechanisms to address grievances if necessary.

The other options suggest various means of consumer protection that do not align with the core functions of the RIBO Act. Eliminating all broker fees would not be practical or sustainable in the industry, providing direct insurance to consumers is not a function of brokers but rather insurers themselves, and licensing only experienced brokers doesn't necessarily correlate with an overarching framework for conduct and accountability. Thus, the emphasis on standards and accountability is central to understanding how the RIBO Act enhances consumer protection.