What is required for an insurance broker to maintain their registration under RIBO?

To maintain their registration under the Registered Insurance Brokers of Ontario (RIBO), insurance brokers must fulfill specific requirements that ensure they uphold professional standards. The correct choice highlights that the payment of annual fees is necessary, as well as adherence to the Code of Ethics.

The annual fees are part of the regulatory framework that supports the operations and governance of RIBO, allowing the organization to effectively oversee the conduct of its members. The requirement to adhere to the Code of Ethics is equally critical because it sets the standards for professional behavior and integrity within the industry. This commitment to ethical practice ensures that brokers act in the best interests of their clients, maintain transparency, and uphold the trust placed in them by the public.

In contrast, a one-time payment of a registration fee does not suffice, as ongoing compliance is essential for continued registration. Additionally, obtaining customer satisfaction surveys and completing monthly performance reviews, while valuable for individual practice improvement, do not form part of the regulatory requirements necessary for maintaining registration under RIBO. Therefore, the correct answer reflects the ongoing obligations that ensure both the financial and ethical responsibilities of registered brokers.