What is the consequence of failing to comply with the RIBO Act?

Failing to comply with the RIBO Act can result in disciplinary action, which may include fines or even the revocation of a license. The RIBO Act is designed to ensure that insurance representatives adhere to specific standards of conduct and professionalism. When an individual does not meet these standards, regulatory bodies have the authority to impose penalties to uphold the integrity of the insurance industry. This could involve financial penalties as a deterrent or the more severe measure of revocation of the license, which would prevent the individual from legally practicing in the industry.

Other options, while they might seem plausible as consequences, do not accurately reflect the direct consequences that are established in the RIBO Act. Increased insurance premiums and mandatory retraining sessions are not standard penalties tied directly to violations of the Act itself. Permanent suspension from the insurance industry implies an outright and indefinite ban, which may not specifically be the outcome for all violations under the RIBO Act. Thus, the most accurate consequence linked to non-compliance is indeed the risk of disciplinary actions including fines or loss of the ability to practice.