Which of the following is NOT a requirement under the RIBO Act?

Under the RIBO Act, requirements are established to ensure that insurance brokers meet certain standards of professionalism and accountability. Licensing examinations for brokers, mandatory compliance with a code of ethics, and the completion of specified training programs are all designed to uphold these standards and protect the interests of consumers.

Licensing examinations for brokers confirm that individuals possess the necessary knowledge and skills to operate competently in the insurance industry. This process ensures that brokers are qualified to provide informed advice and services to clients.

Mandatory compliance with the code of ethics is crucial as it outlines the professional conduct expected from brokers. Adhering to ethical guidelines helps to maintain public trust in the insurance profession and ensures that brokers act in the best interests of their clients.

Completion of specified training programs ensures that brokers remain current with industry practices, regulations, and product knowledge. This ongoing education is vital for maintaining competence in a constantly evolving field.

In contrast, offering services without a fee is not a requirement under the RIBO Act. Brokers typically charge fees for the services they provide, and while some might offer complimentary consultations or initial assessments, this is not mandated by the Act. Therefore, it is the correct response as it does not align with the formal requirements established by the RIBO Act.