2024

Compliance Report on the Cessation of Deferred Sales Charges
FSRA performed an industry compliance check to ensure life insurance companies are following FSRA’s 2023 Unfair or Deceptive Acts or Practices (UDAP) Rule amendment, which prohibits insurers from issuing new segregated fund contracts that contain a deferred sales charge (DSC) option. FSRA found that the industry is largely in compliance with the new requirement.

2023

Life Agent Thematic Examinations: Tiered-Recruitment Model MGAs
FSRA examined 130 life agents working for three managing general agencies (MGAs) that use a tiered-recruitment model. The examinations found unacceptable levels of life agent non-compliance.

Observed Practices in the Distribution and Sale of Universal Life Insurance
In light of recent concerns regarding the selling of potentially unsuitable life insurance, FSRA undertook a deeper review into 24 client files from 130 agents contracted with three managing general agencies (MGAs) that operate under a tiered-recruitment model.

Life and Health Insurance Agent Supervision Report 2021-2022
In 2021-22, FSRA reviewed 115 higher-risk life agents and the results are included in this report.

2022

CCIR Cooperative MGA-Focused Thematic Review - Consolidated Observations Report
FSRA led a review for the Canadian Council of Insurance Regulators (CCIR) of three life and health managing general agencies. This was the first review of its kind to identify potential market conduct and consumer risks.

Life and Health Insurance Agent Supervisory Framework
The framework will ensure that Life agents in Ontario are subject to proactive supervision for the first time since 2018, promoting transparency and disclosure of information, while deterring deceptive or fraudulent conduct, practices, and activities.

2021

Insurer-MGA Relationship Review Report
FSRA has done a review to gain a deeper understanding of life insurers’ compliance frameworks for supervising Managing General Agencies (MGAs). This report contains FSRA’s observations.

2020/2021 Life Agent Reporting Form Report
Read FSRA’s second report summarizing agent misconduct complaints and FSRA’s follow-up measures.

2020

Life and Health Insurance Sector Key Areas of Assessment 2020-2021
This publication outlines two key areas where FSRA will review insurer policies, processes and practices.

2019/2020 Life Agent Reporting Form Report
Read FSRA’s first report summarizing agent misconduct complaints and FSRA’s follow-up measures.