RIBO Ethics Continuing Education Requirement

Feb 27, 2019 | Ethics CE

1 hour minimum of RIBO Ethics CE

Your total number of required RIBO continuing education hours has not changed, but the new category of Ethics is now in effect.

ILScorp has launched a new online course to meet your RIBO Ethics continuing education requirements.

Making the Right Ethical Decisions

This course is free as part of the ILScorp General CE Course Subscription and is now available to all ILScorp General Subscribers.

Sample ethical situations from the course:

Ethical or Unethical?

We have an insurance company that pays us 5% more commission for certain classes of new business we place with them, so, that’s where I put all of that new business. In fact, I always place my business with the insurance company that pays the highest commission. I do this even if I know the coverage may be better with another insurance company.

Suggested Answer: Unethical. Placing insurance with the company that pays the highest commissions without regard for the client’s needs would be unethical. It is a breach of the ethical values of fairness; trustworthiness; respect; honesty; and, caring for others that clients expect from us when we agree to provide them with insurance. This would be particularly true when we know that doing that is not in the best interests of the client.

We recommend that the client’s needs always be considered first. When you choose to do that, chances are extremely good that you are behaving ethically. While making money is important, it should not be done at the expense of the client.

Ethical or Unethical?

At our brokerage we’ve been discussing ways to write more business. We’re thinking of having a draw for a trip to Hawaii for all clients who purchase an insurance policy from our brokerage during the period of March 1 to May 1. Most of us in the brokerage like this idea.

Suggested Answer: Ethical. Although holding a contest in which all purchasers of insurance can enter may be legal, there is still the question of how ethical it would be to do that. As we have already learned, what may be legal may not be ethical according to the standards of our profession. On the other hand, although it is not a brokerage practice that we see very much of, doing that is “not unethical”.

One way to avoid problems regarding allegations of “tied-selling”, which is illegal, is to allow any person to enter the contest without the necessity of first having had to purchase an insurance policy.  

RIBO CE Requirements 2019

Principal Brokers and Deputy Principal Brokers

10 hours of continuing education credits every year between October 1st and September 30th subject to the following conditions: minimum of 1 hour Ethics, 5 hours Management, and Personal Skills category courses cannot be applied. The remaining hours may be in the Management or Technical categories. A carryover of a maximum of 10 hours (or one term’s requirements) is permitted however the minimum category requirements must be maintained.

All other licensed individuals

8 hours of continuing education credits every year between October 1st and September 30th subject to the following conditions: minimum of 1 hour Ethics, 3 hours Technical, and a maximum of 2 hours Personal Skills may be applied. A carryover of a maximum of 8 hours (or one term’s requirements) is permitted however the minimum category requirements must be maintained.

Approved Mandatory Ethics Training Courses

Feb 19, 2019 | Ethics CE

All resident Saskatchewan licensees are required to complete an Insurance Councils of Saskatchewan approved ethics course, that is at least three hours in duration. The following courses are approved by the Insurance Councils of Saskatchewan for 3 C.E. credit hours and meets the ethics training requirement.

These courses discuss professional codes of conduct, with dilemma or scenario-based examples so licensees may spot issues and make the right choices. The aim is to help licensees make sense of what might seem like a convoluted situation and determine the ethical choice.

Insurance Councils of Saskatchewan Approved Ethics Training

Courses approved for All Classes other than Life Licensees (General) 
Ethics and the Insurance Professional Part 1 – Approved for 1 ethic hour
Ethics and the Insurance Professional Part 2 – Approved for 1 ethic hour
Ethics and the Insurance Professional Part 3 – Approved for 1 ethic hour

Courses approved for Life and Accident & Sickness and Accident & Sickness licensees
Life Ethics in the Insurance Industry Part 1 – Approved for 1 ethic hour
Life Ethics in the Insurance Industry Part 2 – Approved for 1 ethic hour
Life Ethics in the Insurance Industry Part 3 – Approved for 1 ethic hour

Courses approved for Adjuster/Adjuster Representative licensees
Ethics Training for Adjusters Module 1 – Approved for 1 ethic hour
Ethics Training for Adjusters Module 2 – Approved for 1 ethic hour
Ethics Training for Adjusters Module 3 – Approved for 1 ethic hour

Once you have successfully passed these courses please provide the Saskatchewan Council with documentation to support completion.

Ethics training is important and can have an impact on business, reputation, and daily office morale. You cannot afford to leave ethical decision making to chance, as one hasty action or decision by a licensee can harm an entire organization.

New Course for RIBO Ethics CE Requirement

Dec 4, 2018 | Ethics CE

RIBO Ethics CE Requirement

The new license year of Oct 01, 2018 to September 30, 2019, brings new continuing education requirements for general insurance licensed individuals in Ontario.

The total number of required CE hours has not changed however a new category, Ethics, has been introduced and licensees must complete a minimum of 1 hour in this category per term.

ILScorp has developed a course that is RIBO approved for 1 CE in the new Ethics Category: Making the Right Ethical Decisions. This course is now available to all ILScorp General CE Subscribers!

In this course, we will look at the following topics as they relate to “Ethics and the

Insurance Professional”, specifically:

• Defining “Ethics”
• Establishing Ethical Standards – Sources of Influence
• Basic Ethical Values and What They Really Mean
• The Insurance Broker’s Dilemma
• What a Formal Ethics Program Will Do For Your Brokerage

Along with the new Ethics CE requirement, there is also a cap on the number of Personal Skills hours permitted and a minimum number of Technical hours required. Continuing Education Requirements are listed below. 

RIBO CE Requirements

Principal Brokers and Deputy Principal Brokers

10 hours of continuing education credits every year between October 1st and September 30th subject to the following conditions:

• minimum of 1 hour Ethics
• minimum of 5 hours Management
• Personal Skills category courses cannot be applied
• The remaining hours may be in the Management or Technical categories.

A carryover of a maximum of 10 hours (or one term’s requirements) is permitted however the minimum category requirements must be maintained.

All other licensed individuals

8 hours of continuing education credits every year between October 1st and September 30th subject to the following conditions:

• minimum of 1 hour Ethics
• minimum of 3 hours Technical
• maximum of 2 hours Personal Skills may be applied

A carryover of a maximum of 8 hours (or one term’s requirements) is permitted however the minimum category requirements must be maintained.

Newly licensed individuals

The continuing education program of 8 hours every year between October 1st and September 30th will begin the first October following registration. Individuals are only exempted for the remainder of the license year that they were registered.

E.g. Broker A was registered on November 1, 2017 and Broker B was registered on April 30, 2018. Neither Broker A, nor Broker B will be required to have accumulated any continuing education credits by September 30, 2018, but must begin taking the continuing education seminars/courses on October 1, 2018 for the 2018/2019 license term.