What type of organization is RIBO?

RIBO, or the Registered Insurance Brokers of Ontario, serves as a self-regulatory body that oversees the professional conduct of insurance brokers in the province of Ontario. This means that it is responsible for establishing and enforcing standards of practice, which helps ensure that members adhere to ethical guidelines and maintain competency in their services. As a self-regulatory organization, RIBO operates independently of government intervention but receives its authority from legislation. This unique status allows RIBO to effectively manage the licensing and regulation of brokers, thereby protecting consumers and maintaining industry integrity.

Other options, such as a government agency, non-profit organization, and private company, do not accurately describe RIBO's role and function. A government agency typically functions under direct governmental control, a non-profit organization may have charitable aims but doesn't specifically focus on regulation within a profession like RIBO, and a private company would typically have profit motives rather than the regulatory and ethical oversight characteristic of self-regulatory bodies.