What is an insurance agent?
In Ontario, we licence and regulate Life & Health insurance agents who sell a variety of insurance products, including life, health and dental insurance. Agents may represent one or more insurance companies.
What is an insurance company?
An insurance company issues and sells comprehensive financial products, including individual or group insurance policies to individuals and employers and promises to pay benefits to holders of those policies. FSRA regulates insurance companies.
How are life and health insurance similar? How are they different?
Life and health insurance cover you against unplanned events and charge a fee or “premium” based on the policy you buy. Health insurance pays for your medical care outside of what is covered by the government-funded Ontario Health Insurance Plan (OHIP). Life insurance pays a death benefit to your survivors and some life products are considered investments (e.g., segregated funds, whole life).
What FSRA can do
- Ensure insurance companies and life and health agents meet the qualifications and requirements to be licenced.
- Oversee the business practices of insurance companies and life and health agents.
What FSRA can’t do
- Arbitrate contract disputes between you and your insurer.
- Set insurance premiums.
- Make an insurance company sell you life or health insurance.