Who is responsible for enforcing the RIBO Act?

The correct answer is that the Registered Insurance Brokers of Ontario (RIBO) is responsible for enforcing the RIBO Act. RIBO is a regulatory body established specifically to oversee the conduct of insurance brokers in Ontario. Its mandate includes ensuring that licensed brokers adhere to the standards and regulations outlined in the RIBO Act, which aims to protect the public interest by ensuring that insurance transactions are conducted fairly and ethically.

RIBO conducts investigations into complaints against brokers and has the authority to discipline those who breach the Act or its regulations. This includes taking actions such as suspending or revoking licenses, which reinforces its role as the primary enforcer of compliance within the insurance broker community.

The Ministry of Finance and the Ontario Government do play significant roles in the overall regulatory framework for insurance in Ontario but do not directly enforce the RIBO Act with respect to individual brokers. Instead, their focus is more on creating and approving the legislation and broader regulations surrounding the insurance industry. Insurance companies also have regulatory obligations, but they do not enforce the RIBO Act, as their primary responsibility is to operate within the rules set by regulatory bodies like RIBO.