RIBO Equivalency Practice Exam 3

Which of the following statements is false.

RIBO was established in 1981 as a self-regulatory body intended to licence and regulate property and casualty insurance brokers in the Province of Ontario.
RIBO is not a trade association.
Bartering and alternative currency such as bit coins or by similar trade is an acceptable practice.
A broker may advertise that he or she supports a benevolent organization, church or charity.

What does Regulation 989 amend?

It amends the composition of council from 8 individual members and 3 elected members to 9 individual members and 4 elected members.
It amends the composition of council from 9 individual members and 4 elected members to 8 individual members and 3 elected members.
It amends the composition of council from 8 elected members and 3 individual members to 9 elected members and 4 individual members.
None of the above

The Lieutenant Governor in Council may make regulations on each except for one of the following:

establishing and governing minimum indemnity insurance requirements for members and requiring and respecting errors and omissions insurance;
fixing minimum fines that may be imposed upon members found guilty of misconduct;
respecting the reporting and publication of decisions in disciplinary matters;
respecting trust funds and the keeping of trust accounts by members;

The Manager may cancel a registration for non-payment of any prescribed fee after giving the member at least

5 days notice in writing of the default and intention to cancel the registration.
One month notice in writing of the default and intention to cancel the registration
15 days notice in writing of the default and intention to cancel the registration.
60 days notice in writing of the default and intention to cancel the registration.

With respect to appointment of council, the appointment of every person appointed under clause (2) (b) shall be for a term not exceeding:

two years and a person whose appointment expires is eligible for one reappointment
four years and a person whose appointment expires is eligible for two reappointments.
three years and a person whose appointment expires is eligible for one reappointment.
four years and a person whose appointment expires is eligible for one reappointment.

The discipline committee has the power for all these actions except one:

impose such restrictions on the certificate of the member for such a period and subject to such conditions as the Committee designates;
reprimand the member and, however such reprimand will not be recorded on the register;
impose such fine as the Committee considers appropriate to a maximum amount prescribed in the regulations to be paid by the member to the Treasurer of Ontario for payment into the Consolidated Revenue Fund;
direct that the imposition of a penalty be suspended or postponed for such period and upon such terms as the Committee designates;

Which of the following statements is false with respect to entering into a contract of insurance with an insurer not licensed under the Insurance Act?

That the insurer is not subject to regulation under the Insurance Act.
Orderly payment of claims may be more difficult than with an insurer licensed under the Insurance Act.
The Chief Executive Officer has no authority under the Insurance Act in respect of the insurer.
Provincial and federal taxes are not payable;

A member who places insurance with an unlicensed insurer shall, within thirty days after the last day of March, _______, September and December of each year

May
June
July
August

Every member who is a sole proprietor, partnership or corporation shall maintain, for all trust funds received, a trust account or trust accounts at any Ontario branch of

a bank listed in Schedule I or II to the Bank Act (Canada)
a trust corporation or loan corporation
a credit union authorized by law to receive money on deposit
all of the above are acceptable

The Discipline Committee shall be composed of such number of persons as the Council may determine but at least ______ member(s) of the Committee shall be persons who are not members of the Corporation and who are appointed to the Council or to the panel of lay persons by the Lieutenant Governor in Council.

One
Two
Three
Four

Under By-Law 1, which statement is correct with respect to signatures on Contracts, documents or instruments in writing

Can be signed by any two council members
Can be signed by two officers of the Corporation or any Council member together with any officer of the Corporation
Council is authorized from time to time by resolution to appoint any person or persons on behalf of the Corporation either to sign contracts, documents or instruments in writing generally or to sign specific contracts, documents or instruments in writing.
All of the above are correct

When is the financial year of the Corporation?

June 31st
November 31st
July 31st
December 31st

An Individual tax corporation created to have commissions paid into it for tax purposes and to claim benefits would fall under what Class of Membership?

Restricted to Accident and Sickness Insurance
Restricted to Consulting
Non-Active Firm Class of Member
Active Firm Class of Member

In addition to satisfying the qualification requirements ordinarily applicable, all sole proprietorships, partnerships and corporations applying for, or holding a certificate of registration as an active firm must provide or maintain at least _________ letters of intent from contracted insurers or _______ standard market brokerage contracts, as the case may be.

Two and Four
One and Two
Two and Three
Two and Two

With a Restricted class of Membership, a member is prohibited from which of the following:

acting or aiding in the soliciting or placing of any insurance policy or programme;
having agreements with insurers allowing him to bind coverage or countersign insurance documents on behalf of insurers;
holding shares in or being a partner of any insurance agent or insurer, or of any other member whose registration is not also restricted to consulting.
All of the above are prohibited with this class of membership

Which statement is correct about Deputy Brokers

The Act, the regulations and the by-laws no longer apply to the principal broker after the appointment of a deputy has taken place.
The Act, the regulations and the other provisions of the by-laws apply to the deputy principal broker as if he were a principal broker to the extent of the duties and powers prescribed to him in writing by the principal broker.
A deputy principal broker shall perform such duties and exercise such powers as may from time to time be prescribed to him in verbally by the principal broker. Notice of the appointment of a deputy shall be made to the Manager by the principal broker.
Notice of the appointment of a deputy shall be made to the Manager by the principal broker within 30 days of the effective date of the appointment.

With respect to non-payment of registration fees, which statement is correct

The Manager may cancel a registration for non-payment of any prescribed fee after giving the member at least one month notice in writing of the default and intention to cancel the registration.
The Council may cancel a registration for non-payment of any prescribed fee after giving the member at least one month notice in writing of the default and intention to cancel the registration.
The Manager may cancel a registration for non-payment of any prescribed fee after giving the member at least 15 day’s notice in writing of the default and intention to cancel the registration.
The Council may cancel a registration for non-payment of any prescribed fee after giving the member at least 15 day’s notice in writing of the default and intention to cancel the registration.

How many individuals must be a non-member on the Complaints Committee?

One
Two
Three
Four

How many individuals must be a non-member on the Discipline Committee?

One
Two
Three
Four

Any party to proceedings before the Discipline Committee or the Qualification and Registration Committee may appeal from its decision or order to which court?

Divisional
Provincial
Federal
There is no court, however a tribunal can be accessed for third party review

RIBO Equivalency Practice Exam 3

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