A FSRA review resulted in 445 letters of warning for failing to complete continuing education hours
New guidance encourages insurance industry to accommodate financially stressed clients
The regulators concluded that some incentive practices may present risks to the fair treatment of customers
Draft Ontario MGA regulation coming in 2023 as a result of concerns found in FSRA's review
In examining dozens of agents, Ontario’s regulator identified 334 “business practice” issues
FSRA's consultation also includes insurers' related obligations to ensure agent suitability
One weak area was application processing for prospective mortgage brokers and insurance agents
The proposal complements the guidance on fair treatment of customers
About 40% were escalated for further investigation
New approach will end reliance on insurers' internal calculation models