What should a broker do if they leave their position or cease operations?

When a broker leaves their position or ceases operations, the appropriate action is to notify RIBO and complete any required dissolution processes. This is essential for several reasons.

Firstly, RIBO, which stands for the Registered Insurance Brokers of Ontario, has regulatory obligations that require brokers to maintain transparency and compliance even upon leaving their position. Notifying RIBO ensures that the regulatory body is aware of the broker's status and can update its records accordingly.

Secondly, completing required dissolution processes is crucial for formally concluding the broker's operations. This may include settling accounts, notifying clients, and adhering to any regulatory requirements to ensure that all legal obligations are fulfilled.

By following this protocol, the broker upholds the standards of professionalism and compliance expected in the insurance industry, thereby protecting both their clients' interests and their professional reputation.