What is the maximum fine RIBO can impose for violations?

The correct answer is based on RIBO's authority to impose fines that vary depending on the severity of the violation. RIBO (Registered Insurance Brokers of Ontario) has a framework that allows for flexibility in penalties, meaning that more serious infractions can lead to higher fines. This approach ensures that the consequences are proportionate to the nature of the violation, thus promoting compliance and accountability among brokers.

The notion that the fines are fixed or set at a specific amount does not align with RIBO's regulatory practices, as they take into account the circumstances surrounding each case. Therefore, it's also incorrect to state that there are no penalties beyond warnings or that all violations incur a uniform penalty like $1,000. The varied fine structure allows RIBO to apply justice fairly across different situations and maintain the standards expected of insurance brokers.