New reporting requirements for Life and Health Insurance Agents designed to better protect consumers
The Financial Services Regulatory Authority of Ontario (FSRA) protects life and health insurance consumers by ensuring agents are qualified to work in the sector.
Strong regulatory supervision, supported by each insurer’s responsibility for its agents, is critical to ensuring that agents comply with the law and sell products that consumers need and can afford.
That’s why FSRA is issuing final guidance outlining three reporting requirements for life agents: errors and omissions insurance, continuing education credits, and agents’ contracted insurers. The guidance introduces a new process for agents to provide details of completed continuing education courses when they apply to renew their license.
FSRA would like to thank everyone who provided feedback to the consultation, which closed on October 8, 2021. As a result, the guidance was amended to address stakeholder feedback, including:
- providing a 30-day timeframe for reporting changes to the insurers with whom an agent has a contract
- clarifying the requirements for individual life agents acting on behalf of a corporate and partnership agent
- indicating that education related to increasing sales and leads generation does not meet the continuing education requirement
The guidance came into effect on February 25, 2022. As of this date, all life agents must provide details of their completed continuing education courses on their renewal applications in Licensing Link. There are over 55,000 life agents and over 6,000 corporate and partnership life agents licensed in Ontario.
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.