What must insurance brokers provide to their clients according to the RIBO Act?

Under the RIBO Act, insurance brokers have a responsibility to provide clients with accurate information and professional advice. This ensures that clients receive a clear and truthful understanding of the insurance products available to them, allowing them to make informed decisions about their coverage options. Accurate information is crucial for maintaining trust and transparency in the broker-client relationship.

Providing only positive aspects of policies or vague information would not fulfill the broker's obligations under the Act. These actions could mislead clients and compromise their ability to choose the best insurance for their needs. High-pressure sales techniques are also contrary to the principles of ethical practice as outlined by the RIBO Act, which emphasizes informed choice over coercion or manipulation. Thus, the requirement for accurate information and professional advice is fundamental for compliance with regulatory standards and for fostering long-term client relationships.