The Ontario Broker - Volume 24, Issue 5 - 21

It's no secret that in 2024, Ontario Brokers have felt
the impact of regulatory change. Brokers have always existed in
a regulated environment, but there are distinct differences we're
seeing today.
Although certain changes have been imposed by RIBO,
Current Trends
pressure's being felt more strongly from the flow through from
your business partners. This change is likely to intensify over the
next few years. So when it comes to your own strategic planning,
don't assume the regulatory environment will remain static.
2024 Regulatory Changes
Ontario Auto Reform
Ongoing discussions with Ontario's Ministry of Finance,
industry partners and regulators has been a constant when
it comes to the Auto product. An Ontario Auto Reform
announcement's been made, but at the time of writing, no
changes to current regulations have been formally tabled.
Fair Treatment of Consumers
As more regulatory pressure is placed on our industry under
the FTC umbrella, coordinating a collective response to ease
some of the burden is a constant priority.
CCIR/CISRO Natural Catastrophes
In partnership with IBAC and IBC, we're making good
progress with the proposed action plan expected to be drawn
up by mid-October this year. Our first goal is to implement
carrier and broker education and training on the changing
climate affecting us all.
RIBO
Assisting brokers with their questions about Mandatory
Disclosures Guidance is a key focus of IBAO.
Exams & Licensing
The third edition of our Broker Launchpad textbook is ready,
re-written to support RIBO's new exam launching January
2025. Over 50 content additions were identified to bring
the textbook in alignment with RIBO's new Level 1 broker
competency profile.
MGAs
There's been industry-wide discussion on whether there
needs to be regulation for MGAs, and if so, what it should look
like. Our Board of Directors endorsed IBAO President Dario
Battista to attend government meetings as the broker voice
in this dialogue, with key messages sent to the Ministry of
Finance on behalf of Ontario Brokers.
Many regulatory bodies are turning their focus to nonauto
and the cascade of risk through our supply chain.
FTC guidance is clear, as are other industry regulatory
publications-insurance companies are responsible for
FTC throughout the life cycle of the insurance product,
as it's the insurer who is the ultimate risk carrier. The fair
treatment of consumers is clearly a joint responsibility, but
the market conduct framework on how this can be monitored
and measured is still in its infancy. Any proactive business
understands its responsibilities and accountabilities, but
how these will be viewed, monitored and recorded by our
regulatory bodies is still evolving. This evolution is already
taking shape in the form of a number of thematic reviews
including Take All Comers, MGAs and Property Insurance
claims. There will be others, no doubt.
Our role, on behalf of Ontario Brokers, is to keep abreast of
these changes and proactively engage with stakeholders to
facilitate the effectiveness of proposed regulatory change and
ensure brokers are supported in the changing environment.
Our goal is to ensure brokers not only are able to comply
with new regulatory guidance, but to provide you with
the necessary training, guidance and tools to do so while
enhancing your role as consumer advocates.
How Brokers Can Engage
with IBAO
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Volume 24 | Issue 5
Join a committee when we
put out a call for volunteers-
thank you to the 10+ brokers
who joined our Ontario Auto
Reform committee this year.
Speak as a single voice by using
IBAO messaging when meeting
locally with your MP and MPP.
Participate in our advocacy
days at Queens Park and on
Parliament Hill.
Join your local Affiliate or
IBAO's Board of Directors.
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The Ontario Broker - Volume 24, Issue 5

Table of Contents for the Digital Edition of The Ontario Broker - Volume 24, Issue 5
