What responsibilities do brokers have towards their clients according to the RIBO Act?

Brokers are required to disclose all relevant information to their clients under the RIBO Act. This obligation ensures that clients have access to the necessary facts and details about the insurance products or services being offered. By disclosing such information, brokers empower clients to make informed decisions, fostering transparency and trust in the broker-client relationship. This principle is vital in protecting consumers and ensuring they understand the implications and details of the products they are considering.

The RIBO Act emphasizes the importance of client interests, and full disclosure is a foundational aspect of ethical brokerage practice. In contrast, prioritizing their own interests, charging the highest commissions, or handling all transactions without client involvement would undermine the broker's duty to act in the best interests of their clients, which is contrary to the responsibilities outlined in the RIBO framework.