Provincial regulator is attempting to identify hidden risks and set a baseline for business practices
Targeted questions, simplified requirements are part of the changes
In Canada, assets under management were up 3% in 2023
Net earnings were down for the company's Canada segment
Licensee was contracted with one of three MGAs reviewed for tiered recruitment model
New guidance will target responsibilities of insurers, MGAs, and identify suitability requirements for life agents
The quarter also saw net outflows, lower AUM
Growth in wealth management and Canadian insurance activities led to the gain
The clampdown includes the sale of unsuitable universal life policies
Total premiums collected by insurers also rose in 2022, according to the CLHIA