Who is responsible for enforcing the regulations outlined in the RIBO Act?

The responsibility for enforcing the regulations outlined in the RIBO Act falls to the Registered Insurance Brokers of Ontario (RIBO) and its governing body, which is the Board of Directors. The Board oversees the administration and enforcement of the regulations related to the licensing and conduct of insurance brokers in Ontario. This includes ensuring that brokers comply with the established standards of practice, addressing complaints, and maintaining the integrity of the profession.

The RIBO Act establishes a framework within which the Board operates, providing it with the authority to enforce compliance among licensed brokers. By upholding the rules and ensuring ethical behavior in the industry, the Board plays a crucial role in protecting consumers and maintaining the stability of the insurance brokerage profession in Ontario.

Other organizations mentioned, like the Ministry of Finance or the Financial Services Regulatory Authority, have roles in broader financial regulation and oversight but are not specifically tasked with the enforcement of the RIBO Act's provisions, distinguishing the Board's focused responsibility in this context.