FSRA - Financial Services Regulatory of Ontario
- fsrao.ca/
- fka - FSCO
- fsrao.ca/borrowing-purchase-life-insurance-products-risks-and-suitability
- FSRA - Unfair or Deceptive Acts or Practices (UDAP) - [link]
- Consultation - [link]
- 2023 1121 - FSRA - Proposed guidance on Life Insurance Agent & MGA Licensing Suitability --- [BonkNote] --- [link] --- 34p
- 2024 0209 - FSRA - [2023-015] - Comments - Consultation for Proposed Guidance on Life Insurance Agent & MGA Licensing Suitability --- [BonkNote]
- BonkNote Comment - FSRA's Life Agent and MGA Suitability Guidance - [2023-015] - 2024 0209 - 2p
- FSRA - Proposed Principles of Conduct for Insurance Intermediaries - [link] - 21p
- References
- CISRO Principles of Conduct for Insurance Intermediaries - 3p
- 2018 09 - CCIR-CISRO Guidance on Conduct of Insurance Business and Fair Treatment of Customers - 28p
- FSRA Guidance on the Fair Treatment of Customers in Insurance
- fsrao.ca/regulation/guidance/fair-treatment-customers-insurance
- Superintendent’s Guideline No. 03/18: Treating Financial Services Consumers Fairly, issued by the FSRA’s predecessor agency the Financial Services Commission of Ontario (FSCO), remains in place for the supervision of conduct in the mortgage brokering, loan and trust, and credit union and caisse populaire sectors.
- IAIS ICP 18 Intermediaries and ICP 19 Conduct of Business
- RIBO Guidance on the CISRO Principles of Conduct for Insurance Intermediaries
- 2014 - IMF - Canada - Report on the Observance of Standards and Codes - IMF Country Report No. 14/30 - 67p
- 2014 - FSCO - Report - Life Insurance Product Suitability Report, Financial Services Commission of Ontario - 52p
- 2015 - FSCO - Report -
- <WishList> - Expert Panel Review of the Mandates of the Financial Services Commission of Ontario, Financial Services Tribunal, and the Deposit Insurance Corporation of Ontario (Expert Panel)
- fsrao.ca/newsroom/review-mandates-financial-services-commission-ontario-financial-services-tribunal-and-deposit-insurance-corporation-ontario
- 2018 04 - FSRA - FSRA releases Progress Report The Way Forward: Building a Modernized and Adaptive Regulator - Board of Directors Progress Report - [link]
- 2015 0605 - IFB - Subject: Review of Mandates of the Financial Services Commission of Ontario (FSCO), Financial - 5p
- <WishList> - Expert Panel Review of the Mandates of the Financial Services Commission of Ontario, Financial Services Tribunal, and the Deposit Insurance Corporation of Ontario (Expert Panel)
- 2015 1109 - wealthprofessional.ca - FSCO report: Should advisors be concerned?: The much-anticipated preliminary report on FSCO’s mandate has been released. Is it time for advisors to worry?, By Nicolas Heffernan - [link]
- 2016 - FSCO - 2016 Statement of Priorities
- 2016 0615 - FSCO under fire for ‘serious flaws’ in life insurance regulation Ontario’s regulatory financial services commission has been taken to task by an investor advocacy group who says consumer input, compliance measures needed, By Penelope Graham - [link]
- fsrao.ca/media/16011/download
- - FSRA - The Approach: Serving the Client Through Needs-Based Sales Practices -
- 2016 11 - CLHIA - re: FSRA - The Approach: Serving the Client Through Needs-Based Sales Practices - 15p
- In Spring 2006, the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulators' Organization (CISRO) endorsed three principles for managing conflicts of interest that might arise in the sale of life and health insurance products. These are:
∂ the interests of the consumer must be placed ahead of those of the advisor; ∂ actual and potential conflicts of interest must be disclosed; and ∂ the recommended product must be suitable to the needs of the consumer.
- In Spring 2006, the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulators' Organization (CISRO) endorsed three principles for managing conflicts of interest that might arise in the sale of life and health insurance products. These are:
- 2016 11 - CLHIA - re: FSRA - The Approach: Serving the Client Through Needs-Based Sales Practices - 15p
- 2018 - FSCO -
- 2018 - FSRA - Market Regulation Supervisory Framework
- 2020 1222 - FSRA - Fair Treatment of Customers in Insurance, Identifier: No. GR0008APP - 5p
- 2021 02 - FSRA - FSRA implemented Guidance: Conduct of Insurance Business and Fair Treatment of Customers6 (“FTC Guidance”) - --- [link] ---
- ccir-ccrra.org/FairTreatmentofCustomersWorkingGroup
- 2018 - ? - CCIR - Guidance: Conduct of Insurance Business and Fair Treatment of Customers - 23p
- 2018 09 - CCIR - Guidance: Conduct of Insurance Business and Fair Treatment of Customers- 28p
- EXECUTIVE SUMMARY1 - IMF eLibrary - https://www.elibrary.imf.org › article-A001-en
- guidance related to conduct of insurance business and fair treatment of customers on. September 27, 2018. Market Conduct Supervision in Québec. 88.
- 2021 0728 - FSRA - Insurer-MGA Relationship Review Report --- [BonkNote] --- [link] --- 25p
- 2022 03 - FSRA - Market Conduct: Life and Health Insurance Agent Supervision Framework --- [BonkNote] --- 47p
- 2022 0928 - FSRA - CCIR cooperative MGA-focused thematic review - Consolidated observations report --- [link] --- 30p
- 2022 - FSRA - Principles of Conduct for Insurance Intermediaries --- [BonkNote] --- [link]
- 2023 05 - FSRA - Market Conduct: Life and Health Insurance Agent Supervision Report, Third Edition – 2021-22 - 37p
- 2023 1003 - FSRA - Strengthening oversight and accountability of the life insurance sector - [link]
- As part of FSRA’s enhanced sector supervisory approach, today FSRA is releasing two reports:
- 2023 10 - FSRA - Market Conduct: Life and Health Insurance Agents - Life Agent Thematic Examinations: Tiered Recruitment Model MGAs --- [BonkNote] --- 43p
- 2023 10 - FSRA - Observed Practices in the Distribution and Sale of Universal Life Insurance --- [BonkNote] --- 15p
- As part of FSRA’s enhanced sector supervisory approach, today FSRA is releasing two reports:
- 2023 1121 - FSRA - Proposed guidance on Life Insurance Agent & MGA Licensing Suitability --- [BonkNote] --- [link] --- 34p
- 2024 0209 - FSRA - [2023-015] - Comments - Consultation for Proposed Guidance on Life Insurance Agent & MGA Licensing Suitability --- [BonkNote]
- GreatWay Financial
- FSRA issues compliance order against Greatway Financial Inc.
- 2022 1025 - Investment Executive - FSRA initiates enforcement action over MGA’s training practices. The regulator alleged a firm’s training instructs life agents to mislead consumers, which the firm refutes - [GreatWay Financial, overfunded universal life policies using an insured retirement plan (IRP)], By: IE Staff - [link]
- 2022 1025 - insurancebusinessmag - FSRA initiates enforcement action against MGA, By Lyle Adriano - [link]
- Greatway Financial
- But the only product training required of agents is to sell universal life (UL) policies under the strategy of an “insured retirement plan” (IRP) – policies that the regulator has called “overfunded.”
- FSRA also accused Greatway of training agents to avoid communicating the risks associated with such UL products.
- WFG - World Financial Group
- 2023 0406 - FSRA - Press Release - FSRA issues notice of proposal against World Financial Group Insurance Agency of Canada Inc. - [link]
- The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against World Financial Group Insurance Agency of Canada Inc. (WFG).
- WFG - Enforcement Action - [link]
- License / Registration Number: 26687M
- License type: Corporate Insurance Agency
- Sector: Life and Health Insurance
- Status: Ongoing
- Documents
- 17. The WFG training and supervision framework is largely based on delegation to upline agents. When asked as part of the Thematic Review if WFG has documented policies and procedures specifically related to licensed agent monitoring and supervision, WFG stated that it does not perform direct monitoring and supervision of agents. WFG also reported it has no specific individuals or departments formally overseeing the entire licensed agent monitoring function.
- 21, The Thematic Review identified multiple gaps in WFG’s operations resulting in a lack of oversight of the agent-related delegated functions. The lack of direct agent monitoring, delegation of monitoring functions without verifying completion of delegated functions, and no formal proactive agent reviews, in combination with a large proportion of gross income generated from the sale of relatively complex Permanent Life products by newly licensed agents, raise concerns about potential consumer harm.
- 22. The multiple gaps in WFG’s operation may demonstrate incompetence or untrustworthiness to transact the insurance agency business for which the licence has been granted.
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FSRA alleges that gaps in WFG’s operation and ongoing proceedings by another regulator against WFG may raise reasonable grounds about WFG’s suitability to be licensed.
- FSRA is proposing to impose conditions on WFG’s corporate insurance agent licence.
- WFG may request a hearing before the Financial Services Tribunal about this proposal
- WFG - Enforcement Action - [link]
- The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against World Financial Group Insurance Agency of Canada Inc. (WFG).
- 2023 0406 - Investment Executive - FSRA proposes new conditions on life MGA. Supervision framework “largely based on delegation to upline agents,” regulator alleged, By Greg Meckbach - [link]
- 2023 0415 - Always Marco - WFG Is In Trouble --- [BonkNote] --- [VIDEO-YouTube]
- 2023 0406 - FSRA - Press Release - FSRA issues notice of proposal against World Financial Group Insurance Agency of Canada Inc. - [link]