FSRA seeks feedback on life agent reporting and insurer oversight obligations guidance
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.
To review the proposed guidance and submit your feedback, please visit FSRA’s website. The consultation period is now open and will close on October 8, 2021.
- Consultation on proposed guidance on Life Agent Reporting Requirements and Related Insurer Obligations
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.