Registered Insurance Brokers of Ontario (RIBO) Practice Exam

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What consequence can the RIBO Discipline Committee impose if a member is found guilty of misconduct?

Set fines of up to $10,000.
Impose imprisonment of up to 12 months.
Both set fines and imprisonment.
Revocation of membership only.

The correct answer is: Set fines of up to $10,000.

The RIBO Discipline Committee has the authority to impose set fines as a consequence for members found guilty of misconduct. The maximum set fine of up to $10,000 serves as a penalty intended to address the seriousness of the misconduct while also functioning as a deterrent for future violations. This option reflects a common practice within professional regulatory bodies, where monetary fines are utilized rather than criminal penalties. In contrast, imposing imprisonment is not within the scope of RIBO's disciplinary powers. Professional regulatory bodies typically do not have authority over criminal matters, which are handled by the judicial system. Additionally, while revocation of membership can be a potential consequence for serious misconduct, it is not the sole consequence available, and thus limiting the outcome to only revocation does not encompass the range of penalties the committee can implement. Therefore, the correct response highlights the committee's role in imposing financial penalties rather than criminal sanctions or only membership-related consequences.