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.
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.