Working towards licensing life and health MGAs in Ontario to further protect consumers

The Financial Services Regulatory Authority of Ontario (FSRA) is actively working towards licensing life and health managing general agents (L&H MGAs) in the province.

FSRA’s proposed rule for MGAs, which is out for a second consultation, would strengthen oversight and further protect consumers by helping to correct troubling practices in the sector, like inadequate agent screening, training and monitoring.

It would also require agents to be well-trained and properly supervised across the sector, which would help ensure consumers are treated fairly.

Based on stakeholder feedback during the first consultation, FSRA updated the proposed rule to further clarify compliance requirements and minimize regulatory burden with a tiered approach that differentiates obligations.

The revised proposed rule is now open for the second consultation until November 19, 2025.

FSRA is also consulting on an amendment to its Fee Rule to introduce an application fee for an L&H MGA licence; this consultation is open until December 19, 2025.

The proposed rules build on the Ontario government's decision in 2024 to create a separate licensing class for L&H MGAs to enhance supervision and better protect consumers.

Learn more:

• Consultation on FSRA’s updated proposed Rule 2025-001 – Life and Health Managing General Agents
• Consultation on FSRA’s proposed amendment to Rule 2022-001 – Assessments and Fees

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.