General Insurance Principles, Law & Broker Conduct
RIBO entry-level (Level 1) licensing exam, General Insurance domain (~25% of the scored question count under the January 2025 competency profile). This is preview study scaffold derived from public Ontario insurance legislation, the public RIBO competency profile, and the public RIBO Code of Conduct. It is draft content pending review by a human RIBO-licensed subject-matter expert, verify every figure, citation, and rule against current ribo.com / FSRA guidance / the Insurance Act (Ontario) on e-Laws before relying on it. ExamCAN is an independent study tool, not affiliated with RIBO; "RIBO" is used here for identification only.
Ontario's insurance system is supervised by three distinct regulators, each with a clearly bounded mandate. Knowing who polices what is the first test of competence on the exam, because the wrong regulator is a classic distractor.
- FSRA (Financial Services Regulatory Authority of Ontario): the provincial market-conduct regulator for insurers, agents, and adjusters operating in Ontario. FSRA replaced the former Financial Services Commission of Ontario (FSCO) in 2019. It administers the Ontario Insurance Act and approves the Ontario Automobile Policy (OAP 1).
- RIBO (Registered Insurance Brokers of Ontario): the self-regulator for general insurance brokers under the Registered Insurance Brokers Act (RIBA), R.S.O. 1990, c. R.19. RIBO does not regulate insurers, adjusters, or life agents, only registered brokers and broker firms.
- OSFI (Office of the Superintendent of Financial Institutions): the federal prudential regulator for federally-incorporated insurers under the Insurance Companies Act (Canada). OSFI watches capital adequacy and solvency, not how brokers treat consumers.
The Insurance Act (Ontario), R.S.O. 1990, c. I.8 is the master provincial statute. It defines what a contract of insurance is, sets statutory conditions for major lines (fire, automobile, accident & sickness), and gives FSRA its supervisory powers.
Common mistake: assuming FSCO still exists. FSCO was wound up in 2019; any answer choice naming FSCO as a current regulator is wrong by date alone.
🧠 Memory hook, "FRO-Fed": FSRA = insurers/conduct (provincial) RIBO = brokers, OSFI = federal solvency. Three lanes, no overlap.
Recall: Which body replaced FSCO in 2019? Which regulator supervises broker conduct in Ontario, and under what statute?