The Financial Services Regulatory Authority of Ontario (FSRA) is consulting on proposed guidance for life agents’ reporting requirements.
The proposed guidance outlines licensing information that life agents must report under the Insurance Act. This information comprises details about their errors and omissions insurance, continuing education and contracted insurers.
The proposed guidance also outlines insurers’ related obligations to ensure agent suitability — even when insurers delegate oversight to third parties.
Also outlined are the regulator’s interpretation of legal requirements under the act, and its approach to monitoring and enforcing compliance with the requirements.
“FSRA collects licensing information to assess if an agent is suitable and qualified to continue conducting insurance business,” the regulator said in a release. “FSRA also uses this information to determine where to focus its compliance review efforts. This aligns with our risk-based approach to supervision.”
The consultation period closes on Oct. 8.