What is the primary purpose of the RIBO Act?

The primary purpose of the RIBO Act is to regulate the practice of insurance brokerage in Ontario. This legislation establishes the parameters within which insurance brokers must operate, ensuring that they adhere to specific ethical and professional standards. It focuses on consumer protection, supporting fair practices in the insurance industry and ensuring that brokers have the necessary qualifications and licenses to offer their services.

The regulation provided by the RIBO Act helps maintain public trust in the insurance brokerage profession by enforcing compliance, thus safeguarding both consumer interests and the integrity of the insurance marketplace in Ontario. This sets a foundation for accountability and professionalism among brokers, ultimately benefiting both brokers and consumers.

Other options, while related to the general field of insurance, do not capture the specific regulatory focus of the RIBO Act. For instance, promoting sales of insurance products, managing financial aspects of insurance companies, and providing tax incentives do not directly pertain to the regulatory oversight which is the core objective of the RIBO Act. Therefore, the focus on the regulatory aspect is what makes that choice the correct one.