If you are planning on renewing your Registered Insurance Brokers of Ontario license, you’ve already missed the deadline, although there's still a chance to duck a mandatory suspension.
The August 31 application deadline has come and gone, with a majority of brokers having renewed their RIBO license online this year, says Patrick Ballantyne, General Counsel at RIBO.
“We had 64 per cent renew online, up from 45 per cent from the year before,” Ballantyne told InsuranceBusiness.ca. “Using the online system avoids a lot of the errors that occur with the old paper system – and it will be mandatory for next year to file online.”
Ballantyne says that 94 per cent of brokers have renewed by the August 31 deadline, a better turnout compared to previous years.
“You will always have about 5 per cent who are retiring or simply leaving the business,” says Ballantyne. “We are pleased that the vast majority of our membership has renewed on time and that so many have used our online renewal option. RIBO will continue to look for ways to improve our online system as we move toward eliminating the paper renewal option.”
Many of the renewal follow-ups are a result of individuals completing the renewal application questions incorrectly. Brokers need to read and answer each question carefully, especially the continuing education question, says Doug Ghahlman, RIBO chairman, adding that brokers who have not fully completed the required hours, including partial completion or being registered for an upcoming course, are expected to still file the renewal application and fee – but must answer ‘NO’ to the continuing education question.
“Over the last three months we reviewed 67 requests for secondary business exemptions,” says Ghahlman. “The exemption breakdown was as follows: four individuals were granted exemptions to sell financial products and 63 individuals were granted other secondary business exemptions.”
“It is each individual’s responsibility to complete the renewal application and ensure that their RIBO license is renewed by the August deadline,” says Doug Ghahlman, RIBO chairman. “It is important to note that the renewal application deadline is is not to be confused with the continuing education deadline of September 30. The continuing education hours must be completed by September 30 to comply with the requirements and avoid a license suspension. We strongly recommend that the hours be completed early to reduce pressure and stress.”
September 30 also is the date for action to be taken against those who haven’t filed their license renewal, Ballantyne points out.
“If a broker fails to renew their license, including paying their fees, by the August 31 deadline, our Bylaws require their suspension, effective September 30,” he says.
