New life and health agent supervisory framework enhances consumer protection
To better protect consumers and improve public confidence in the Life and Health Insurance sector, the Financial Services Regulatory Authority of Ontario (FSRA) launched its first Life and Health Agent Supervisory Framework.
The framework will ensure that Life agents in Ontario are subject to proactive supervision for the first time since 2018, promoting transparency and disclosure of information, while deterring deceptive or fraudulent conduct, practices, and activities.
“Consumers buy life and health insurance to protect themselves and their families against the unexpected,” said Huston Loke, Executive Vice President, Market Conduct at FSRA. “We have developed this new framework to help ensure they are treated fairly and offered products that meet their needs.”
The Framework consists of four key elements:
- life agent risk profiling
- life agent examinations
- communications and enforcement action
In 2020, Ontarians paid $8.2 billion in individual life insurance premiums.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
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Financial Services Regulatory Authority