Registered Insurance Brokers of Ontario (RIBO) Practice Exam

Under what condition can an Insurance Broker with restricted registration solicit insurance?

1. They can only solicit from relatives.

2. They may solicit from members of the public anywhere in Ontario.

3. They are limited to one specific area.

4. They must conduct all transactions online.

The correct answer is: They may solicit from members of the public anywhere in Ontario.

The correct answer indicates that an Insurance Broker with restricted registration may solicit insurance from members of the public anywhere in Ontario. This status allows the broker to interact and engage potential clients across the entire province, providing them the ability to market their services widely rather than being confined to a small area or a specific demographic. This open solicitation is crucial for brokers with restricted registration status as it enables them to gain experience and build a client base, which is essential for their development in the industry. It also aligns with the goal of enhancing their skills and knowledge while providing service to a broader community. Other options, such as soliciting only from relatives, being limited to a specific area, or conducting all transactions online, impose unnecessary restrictions that would hinder the broker's ability to fully participate in the marketplace and serve their clients effectively. This nuanced understanding of how restricted registration functions supports brokers in developing their career while adhering to the regulations set forth.