“No”. Over the past few years, insurance companies have taken partial or complete ownership of some brokerages.

Technically, “yes”, provided the brokerage represents more than one insurance company and is licenced as a broker, it remains a broker. But several things happen when independence is removed: firstly, the brokerage may tend to rely on the insurance company owner for most of its insurance policies, and secondly, other insurance companies contracted with that broker may terminate the broker’s contract, leaving clients with less choice.

Disclosure rules require brokerages to tell you if an insurance company owns any part of their business, but they will only tell you if you ask! So, be informed and ask the question, “Does any insurance company have any ownership in your brokerage?”

Yes. At isure.ca we believe to offer the consumer the full benefit of the brokerage system, the brokerage must be completely independent of the insurance companies it represents.

The answer is “NO”. While many of the direct insurance companies would want you to believe they are, the fact is insurance is a very complex product. Premiums will vary by postal code; make, model or year of the vehicle; age of drivers; driving history and experience; just to name a few. Premiums charged are greatly influenced by the amount of claims an insurance company pays out to policies holders across the province and country. At isure, we compare rates offered from our extensive list of insurance companies to find the best solution for you.

Insurance brokerages and individual brokers are regulated by the Registered Insurance Brokers of Ontario.

The Registered Brokers of Ontario (RIBO) is the governing body of insurance brokers and brokerages in Ontario. RIBO sets all standards for licensing, continuing education, and professional conduct. To learn more about RIBO, please visit their website www.ribo.com.

RIB (Ont) stands for “Registered Insurance Brokers in Ontario”. Individual brokers meeting the Registered Insurance Brokers of Ontario licensing requirements exclusively use the designation.