How is the Council of the RIBO Act structured?

The structure of the Council under the RIBO Act is comprised of 9 elected members and 4 appointed members. This specific configuration reflects the aim of ensuring a balanced representation where both elected individuals, who may be more directly accountable to the public or profession, and appointed individuals, who may bring specialized knowledge or expertise, contribute to the governance of the insurance sector. The combination of elected and appointed members is intended to enhance the effectiveness and diversity of perspectives within the Council, which can be crucial for informed decision-making and policy development.

Having precisely defined roles for both categories promotes a system of checks and balances, as elected members can represent the interests of the professionals in the industry while appointed members can offer external insights and expertise. In contrast to the other options, which propose different numbers of members in various configurations, the selection of 9 elected and 4 appointed members accurately reflects the established structure aimed at achieving comprehensive oversight while facilitating governance that aligns with the goals of the RIBO Act.