Registered Insurance Brokers of Ontario (RIBO) Practice Exam

Which aspect is NOT part of the Code of Conduct stated in Ontario Regulation 991?

1. Maintaining a Trust Account for all trust money received

2. Guiding clients throughout the insurance process

3. Ensuring honest representation of insurance terms

4. Maintaining records of client interactions

The correct answer is: Maintaining a Trust Account for all trust money received

The correct choice reflects that maintaining a Trust Account for all trust money received is not specifically outlined in the Code of Conduct under Ontario Regulation 991. The Code focuses more on ethical conduct and the responsibilities of brokers towards their clients and the insurance market. Guiding clients throughout the insurance process is vital as it emphasizes the broker’s role in providing clear, knowledgeable assistance to clients, ensuring they understand their options and make informed decisions. Ensuring honest representation of insurance terms is crucial for fostering trust and transparency between brokers and clients, thereby upholding the integrity of the insurance profession. Additionally, maintaining records of client interactions is important as it helps in accountability and provides a clear history of client engagements, which can be critical for resolving disputes or understanding the basis of advice given. In summary, while maintaining a Trust Account is important in the management of funds, it is not a specified duty outlined in the Code of Conduct, which instead concentrates on advocacy, transparency, and the maintenance of professional relationships.