ID
2021-015

Type
Policy
Sector
Life and Health Insurance
Status
Open
Date
Comment Due Date

The Financial Services Regulatory Authority of Ontario (FSRA) continues to focus on increasing protection for life and health insurance consumers.

FSRA is now consulting on proposed guidance on licensing information that life agents must report under the Insurance Act (Act). It also outlines insurers’ related obligations to ensure agent suitability, even if they delegate oversight functions to third parties. The proposed guidance provides FSRA’s Interpretation of legal requirements under the Act and its Approach to monitoring and enforcing compliance with these requirements.

FSRA collects licensing information to assess if an agent is suitable and qualified to continue conducting insurance business. FSRA also uses this information to determine where to focus its compliance review efforts. This aligns with our risk-based approach to supervision.

Review the proposed guidance and submit your feedback. The consultation period is now open and will close on October 8, 2021.  

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Before we begin, please make sure you do not include any personal or private financial information. If your inquiry does require this information be shared with us, please call us at 1-800-668-0128 or email us at contactcentre@fsrao.ca for instructions.

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