What is the penalty for individuals committing an offence under the RIBO Act?

Under the RIBO Act, the penalty for individuals committing an offence is quite significant, comprising a fine of $100,000 or a potential imprisonment for up to 6 months. This reflects the seriousness with which regulatory bodies regard violations of the Act. The high financial penalty serves both as a deterrent to misconduct within the insurance industry and underscores the importance of adhering to ethical and professional standards. The provision for imprisonment further emphasizes that violations are not merely civil infractions, but serious breaches that may warrant criminal repercussions.

This approach is designed to enforce compliance and ensure that individuals operating in the insurance sector uphold the integrity of their profession, thereby protecting consumers and maintaining trust in the industry.