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Your Best Insurance is an Insurance Broker
When selecting an insurance provider, one has the choice of an insurance agent or an insurance broker.
An agent is authorized to sell only the products of the insurance company with which they are employed and are therefore limited to a specific insurers’ products.
An insurance broker is an insurance professional registered pursuant to the Registered Insurance Brokers Act. The Registered Insurance Brokers of Ontario (RIBO) is the regulatory authority, established in 1981, which oversees a broker’s practice and administers the legislated regulations, code of conduct and ensures financial and educational compliance of property and casualty insurance brokers in Ontario.
An insurance broker is independent of any insurance company and represents a number of insurers.
A broker can provide choice and impartial advice.
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Take-All-Comers Consumer Protection Rule
Ontario’s “Take-All-Comers” or TAC Consumer Protection Rule is to ensure no motorist can be denied coverage, requiring all auto insurers in the province to include all classes of risk in their underwriting rules and pricing. By law, insurers are required to provide all Ontario consumers with access to timely auto insurance quotes and the lowest rates available to them. Ontario law prohibits insurers from declining to issue, terminating or refusing to renew an auto policy or endorsement, except on grounds filed with the Financial Services Regulatory Authority of Ontario (FSRA). A delay in providing a quote is effectively declining coverage and can only be declined based on criteria listed in the insurer’s approved underwriting rules on file with the FSRA.
Registered Insurance Brokers of Ontario (RIBO) will be including a review of brokerages practices and procedures for compliance with the Take-All-Comers Rule as part of our spot check program.
The Insurance Companies Act is the primary legislation governing all registered insurance companies in Canada. Insurers, agents and brokers have legal obligations to:
- Provide consumers the lowest rate available
- Offer all eligible consumers a quote or a renewal
- Accept all auto insurance business from consumers that meet insurers’ approved rules
Reith and Associates has responded by creating this policy documenting and identifying compliance through the internal practice and procedure followed by team members.
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