1 of 20 Believing on reasonable and probable grounds that a member has committed an act of misconduct involving trust funds, what may the Manager do? Appoint persons, including two (2) representatives of insurers for whom funds were held in trust, to ihestigate if such an act has occurred. Suspend the registration of the member while the matter is investigated by the staff of RIBO. Order the broker's trust bank account to be frozen and arrange for another broker to take over the business until the full facts are known. Convene a special meeting of the Discipline Committee to deal with the matter without delay.
1 of 20 Believing on reasonable and probable grounds that a member has committed an act of misconduct involving trust funds, what may the Manager do? Appoint persons, including two (2) representatives of insurers for whom funds were held in trust, to ihestigate if such an act has occurred. Suspend the registration of the member while the matter is investigated by the staff of RIBO. Order the broker's trust bank account to be frozen and arrange for another broker to take over the business until the full facts are known. Convene a special meeting of the Discipline Committee to deal with the matter without delay.
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Transcribed Image Text:1 of 20
Believing on reasonable and probable grounds that a member
has committed an act of misconduct involving trust funds,
what may the Manager do?
Appoint persons, including two (2) representatives of insurers for whom funds
were held in trust, to ihestigate if such an act has occurred.
Suspend the registration of the member while the matter is investigated by the
staff of RIBO.
Order the broker's trust bank account to be frozen and arrange for another broker
to take over the business until the full facts are known.
Convene a special meeting of the Discipline Committee to deal with the matter
without delay.
Expert Solution
Step 1: Introduction:
In situations where misconduct involving trust funds is suspected within the context of the Registered Insurance Brokers of Ontario (RIBO), it becomes crucial to take appropriate actions swiftly and effectively. This introduction will outline the steps and measures available to address such allegations and maintain the integrity of the insurance industry.
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