What must a broker do if they change their business structure?

When a broker changes their business structure, it is essential to notify RIBO (Registered Insurance Brokers of Ontario) of the change. This requirement is in place to ensure that regulatory bodies remain informed about the operational frameworks under which brokers are working. Updating RIBO allows for the proper oversight and compliance with industry standards and regulations.

Maintaining accurate records with regulatory authorities is key to upholding professional integrity and ensuring that all practices align with the latest legal requirements. Upon notifying RIBO, brokers can facilitate any necessary updates to their licensing or registrations associated with the new business structure, which is critical for continuing to operate legally and effectively in the insurance market.