FSRA's Enforcement Process
To protect consumers and plan members and enhance public confidence in the regulated sectors, FSRA monitors, investigates and when there is non-compliance with legislation and regulations, takes appropriate enforcement action against the sectors it regulates and persons who are illegally engaged in those sectors.
Monitoring & Investigation Activities
FSRA undertakes a number of monitoring activities as part of its regulatory functions. It conducts criminal record checks on prospective agents and paralegals and reviews complaints against agents, paralegals, health care providers, insurance companies, and other financial services sectors. In addition, FSRA audits life agent renewal applications to ensure they meet continuing education (CE) and errors & omissions (E&O) insurance requirements. Paralegals are also subject to E&O audits.
These checks, reviews and audits are the first step in the enforcement process. A significant number of matters are resolved at this first step.
As a follow up to its regular monitoring activities – criminal record checks, the reviews of complaints received and audits of compliance with CE requirements and E&O compliance - FSRA may decide that some matters need to be investigated. An investigation is the second step in the enforcement process. It is used where prosecution or administrative action may be contemplated.