What is the overall function of the RIBO regulatory body?

The overall function of the RIBO regulatory body is to oversee insurance brokers' operations. RIBO, which stands for the Registered Insurance Brokers of Ontario, is responsible for ensuring that insurance brokers adhere to industry standards and regulations. This oversight includes monitoring the conduct and practices of brokers, maintaining a code of ethics, and ensuring compliance with the relevant legislation.

By overseeing the operations of insurance brokers, RIBO aims to protect the public interest, ensuring that brokers conduct their business fairly and ethically. This includes licensing brokers, setting educational requirements, and enforcing rules that govern the practice of insurance brokerage in Ontario.

The other options do not encapsulate the primary role of RIBO. For example, while managing customer complaints is important, it is typically a part of the broader oversight role rather than the focus of RIBO's function. Similarly, providing insurance claims and assessing insurance coverage costs fall outside the regulatory scope of what RIBO does, as these tasks are usually handled by insurance companies rather than brokers.