John W. Goldsmith

The appellants appealed a decision of the Discipline Committee of the Registered Insurance Brokers of Ontario following a guilty plea for operating in a net trust deficit position and failing to maintain proper records.

The Divisional Court dismissed the appeal, finding it was statute-barred as it was filed out of time under the Rules of Civil Procedure.

The Court also addressed the merits, concluding the Committee's decision was reasonable, the brief written reasons were sufficient, and the requirement to file audited financial statements for three years was within the Committee's jurisdiction.

The appellant insurance broker appealed the revocation of its certificate of registration by the Registered Insurance Brokers of Ontario (RIBO).

The revocation was based on the appellant's failure to maintain at least two contracted standard insurance markets, as required by RIBO guidelines interpreting the regulatory requirement to conduct business as an insurance broker.

The Divisional Court dismissed the appeal, finding that the Committee had the implied statutory authority to revoke the certificate, reasonably interpreted the regulation, and properly proceeded without a hearing because the appellant failed to request one after receiving notice.