Serving Ottawa, Ontario & Surrounding Communities since 1946
RIBO & Compensation disclosures
Hicks Insurance functions in accordance with the standards set by the Registered Insurance Brokers of Ontario (RIBO) and the Canadian Insurance Services Regulatory Organizations (CISRO).
Regulatory Oversight
- RIBO oversees licensing, professional standards, ethical conduct, and financial responsibilities of independent general insurance brokers in Ontario.
- CISRO ensures consistent qualifications and business practices for insurance intermediaries across Canada.
Key Regulatory Documents
- CISRO Principles of Conduct for Insurance Intermediaries: These principles reflect common regulatory standards and outline professional behavior expectations for the fair treatment of customers.
- RIBO Fact Sheet: Provides essential facts about registered insurance brokers and insights into your rights and responsibilities during the insurance process.
- RIBO Code of Conduct Handbook: Governs the ethical standards for insurance brokers in Ontario, detailed in Regulation 991, Section 14, and summarized in the RIBO Code of Conduct Handbook.
Statement
We are dedicated to offering you the best insurance value by blending coverage, service, and affordability. Our commitment extends to delivering personalized, high-quality service that features expert insurance guidance, continuous policy management, and assistance with claims. Whenever you face any concerns about your insurance coverage, we stand by your side as your advocate, leveraging our professional expertise to effectively represent your unique needs.
| Insurance Company | Commission Range (Automobiles) | Commission Range (Property) | Commission Range (Commercial) |
|---|---|---|---|
| *Aviva Insurance Co. | 7 – 17.5 % | 15 – 24% | 7 – 20% |
| *Intact Insurance Co. | 10 – 12.5% | 20% | 10 – 20% |
| *Commonwell Mutual Insurance Co. | 7.5 – 12.5% | 15 – 25% | 7.5 – 27.5% |
| Gore Mutual | 10 - 12.5% | 20% | 20% |
| Grenville Mutual | 10 - 12.5% | 20% | 20% |
| Facility (Nordic) | 7.5 - 20% | n/a | n/a |
Contingent Commission
The statement will outline the foundations of contingent commission and how they are primarily influenced by the overall profit and loss ratio of the entire book of business.
To foster strong partnerships with reputable insurers, we collaborate with each one to align with the type of business they seek. The insurers marked with an asterisk (*) acknowledge our efforts through a Contingent Commission agreement.
The payment of this Contingent Commission may hinge on various factors, including growth, profitability (loss ratio), volume, retention, and the enhanced services we offer on behalf of the Insurer. It’s important to note that Contingent Commission is not guaranteed. For more detailed information about Contingent Commission, please visit the respective company’s website.
Working with Insurance Companies
We prioritize transparency because we believe it’s essential for consumers. We also recommend checking out the commitments from the insurance industry and specific companies by visiting their websites or accessing other resources.
If you have any questions regarding this, feel free to reach out to our brokerage at info@hicksinsurance.ca.
These commissions are disbursed on an annual basis for both new business and renewals. Alongside the commission earned from placing insurance with these firms, we may also receive a “Contingent Commission.” Companies indicated with an asterisk (*) may provide us with this contingent commission, which is based on the profitability of the business placed with the insurance company. It is important to note that this contingent commission is not guaranteed and cannot be anticipated in advance. Occasionally, some insurance companies offer incentives to boost business; while we have accepted these offers, they do not affect our ability to provide appropriate coverage with the right insurance company at the most competitive price for our clients.
We take pride in our independence and financial stability, assuring you that we will be there to support you during your financial needs. Our commitment to you, our valued customer, is something we strive to demonstrate every day.
Sincerely,
Daryn Hicks