Which of the following best describes a member under the RIBO Act?

The definition of a member under the RIBO Act specifically refers to an individual or organization that is registered as an insurance broker. This encapsulates those entities that are directly involved in the buying and selling of insurance products on behalf of their clients. The RIBO (Registered Insurance Brokers of Ontario) Act establishes the regulatory framework for insurance brokers in Ontario, ensuring that they adhere to specific standards of practice and conduct.

Being a member signifies that the individual or organization has met the necessary qualifications and obligations set forth by the RIBO. This registration is essential because it demonstrates that the broker has the required knowledge, experience, and compliance with regulatory standards essential for the operation within the insurance market.

The other choices do not accurately reflect the definition under the RIBO Act. Those that offer legal services do not fall within the scope of what constitutes an insurance broker. Consumers of insurance products are clients who purchase insurance, not entities that sell or broker those products. Employees of an insurance company do not inherently hold the status of brokers as defined by the RIBO Act unless they are also registered brokers themselves. Thus, the best characterization of a member under the RIBO Act is indeed a partnership or corporation that operates as an insurance broker.