What is the primary goal of the RIBO Act?

The primary goal of the RIBO Act is to regulate the activities of insurance brokers in Ontario. This regulation is essential for ensuring that insurance brokers operate fairly and transparently, thereby protecting consumers and maintaining a stable insurance market. By establishing standards for licensing, conduct, and accountability, the Act aims to enhance consumer confidence in the insurance sector. This includes overseeing the ethical practices of brokers, ensuring they act in the best interests of their clients, and providing mechanisms for redress should issues arise in their dealings.

The other options do not accurately reflect the focus of the RIBO Act. It does not seek to increase insurance premiums, provide financial aid to companies, or eliminate competition among brokers. Instead, the regulation provided by this Act fosters a healthy and competitive market that ultimately benefits consumers.