Compliance and Enforcement Flashcards
6 cards from real TICO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Compliance and Enforcement flashcards as text
What is the significance of the 'broker of record' at a travel agency under TICO's enforcement model?
Answer: The broker of record is the registered individual responsible for ensuring the agency and all its employees comply with TICO's requirements
The broker of record is the registered individual (often the owner or manager) who is accountable to TICO for the agency's compliance.
Under the Travel Industry Act, 2002, how long must a travel registrant retain client transaction records?
Answer: A minimum of seven years after the transaction
Under Ontario Regulation 26/05, registrants must retain all records related to travel transactions for a minimum of seven years.
Under TICO's framework, when a consumer submits a complaint, the registrant must:
Answer: Cooperate fully with TICO's investigation and provide all requested records and information
Registrants are required to cooperate with TICO investigations and provide requested records. Failure to cooperate is itself a violation.
TICO may enter a travel agency's premises to conduct an inspection without prior notice under which circumstances?
Answer: At any reasonable time when TICO's Registrar has reasonable grounds to believe an inspection is necessary
The Travel Industry Act, 2002 authorizes TICO inspectors to enter business premises at any reasonable time without prior notice when they have reasonable grounds.
What is the purpose of TICO's annual compliance review of registered travel agencies?
Answer: To assess whether each registrant continues to meet the financial, ethical, and operational requirements for registration renewal
TICO's annual compliance review assesses whether each registrant meets ongoing requirements for registration renewal.
Which of the following best describes the role of administrative monetary penalties (AMPs) under TICO's enforcement framework?
Answer: To hold registrants financially accountable for violations and deter future non-compliance
Administrative monetary penalties (AMPs) are financial penalties imposed on registrants for violations. They create accountability and deter non-compliance, but the money does not go directly to consumers.