The Information Management competency involves the proper handling and delivery of the legal documents that constitute an insurance contract. In Ontario, an automobile insurance policy is not a single piece of paper; it is a "package" of documents that together form the legal agreement between the insurer and the insured.
According to the Insurance Act and the RIBO Level 1 Blueprint, the standard policy consists of:
The Application (OAF 1): The information provided by the insured.
The Policy Wordings (OAP 1): The standardized terms, conditions, and exclusions mandated by the province.
The Certificate of Automobile Insurance: The individualized document that lists the specific coverages, limits, deductibles, and vehicles insured.
While the "pink slip" (Proof of Insurance Card) is necessary for legal operation, it is not a part of the policy contract itself; it is merely a summary evidence of its existence. Similarly, while a checklist is a best practice for Professionalism, it is not a contractual document.
A broker must ensure that the Certificate and the OAP 1 Wordings are delivered to the client promptly (within 21 days under Regulation 991). This ensures Legal and Regulatory Compliance and provides the client with the full text of their rights and obligations. The RIBO Competency Profile emphasizes that a broker must be able to explain the significance of these documents to the client, specifically how the Certificate "activates" the standard OAP 1 wordings by showing the specific premiums paid for each section.
