Registered Insurance Brokers of Ontario (RIBO) Practice Exam

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Which body has the power to impose penalties on RIBO members found guilty of misconduct?

The Regulatory Authority
The Discipline Committee of RIBO
The Monetary Authority
The Claims Review Board

The correct answer is: The Discipline Committee of RIBO

The Discipline Committee of RIBO is indeed the correct choice because it is specifically designated to address issues of misconduct among its members. This committee has the authority to investigate complaints and determine whether members have violated professional standards or regulations. Should they find a member guilty, the Discipline Committee is empowered to impose various penalties, which may include fines, suspension, or revocation of the member's license. Other bodies, such as the Regulatory Authority, typically oversee compliance and may have a broader mandate concerning regulatory frameworks, but the Discipline Committee is directly responsible for handling allegations of misconduct. The Monetary Authority usually focuses on financial regulations rather than professional misconduct in broker practices, while the Claims Review Board deals with disputes related to claims and is not involved in disciplinary matters for individual members. Hence, the Discipline Committee's focused role makes it the appropriate entity with the power to impose penalties for misconduct among RIBO members.