L&H Insurance Technical Advisory Committee (TAC)
Insurer Oversight of MGAs
Meeting summary
Date: November 20, 2023
Time: 11:00 – 12:00 PM ET
1. Opening remarks
FSRA welcomed members and noted the agenda:
- The meeting was arranged to provide the TAC with an update on progress with the public consultation on proposed Life Insurance Agent & MGA Licensing Suitability guidance (Guidance), outline the core elements of the Guidance, and address any preliminary questions.
- additional topics:
- update on FSRA’s work on a proposed MGA Rule
- introduce FSRA’s Consumer Office work relating to Vulnerable Consumers
- next steps
2. Public consultation - Proposed licensing suitability Guidance
FSRA provided an overview of the core elements of the proposed Guidance. The Guidance is intended to provide a reference for applicants and agents, including MGAs to understand how past and current conduct may affect their suitability to hold a life insurance agent licence in Ontario. For insurers and MGAs, as defined in the Guidance, it should serve as a guide for screening applicants and agents, including MGAs, for suitability.
FSRA noted that the proposed Guidance will be published for public consultation from November 21, 2023, until February 9, 2024.
3. Update on proposed MGA Rule
FSRA noted that it plans to publish a proposed Rule which would introduce new requirements and duties relating to developing compliance monitoring systems and overseeing the conduct of life insurance agents. FSRA plans to meet with the TAC in advance of any public consultation on the proposed Rule.
4. Consumer office update: Vulnerable consumers
FSRA’s Consumer Office (CO) presented some of its recent work on vulnerable customers and said it would look to engage the TAC in future discussions on planned work relating to vulnerable consumers.
Planned insurer questionnaire: MGA distribution information
- FSRA is developing a questionnaire for insurers to assist FSRA in better understanding the MGA distribution landscape. FSRA is assessing information gathered through the Annual Statement for Market Conduct to limit the level of duplication. FSRA expects to advance the Questionnaire in 2024.
Future meetings
- FSRA plans to schedule the next MGA TAC meeting in 2024.
Attendance
| Name | Company | Attendance |
|---|---|---|
| Andrew Fitzpatrick | Canada Life | Attended |
| Amy Stahlke | Sun Life | Attended |
| David Sutton | The Edge Benefits | Attended |
| Deepa Dey | FSRA | Attended |
| Erin McKee | Investment Industry Association of Canada | Attended |
| Nina Kavalinas | CAILBA | Attended |
| Heidi MacDonald | Financial Horizons Group | Regrets |
| Huston Loke | FSRA | Attended |
| Jason Harris | FSRA | Attended |
| Jelena Pejic | FSRA | Attended |
| Jisha Sarwar | FSRA | Attended |
| John Caldwell | FSRA | Attended |
| Jordan Solway | FSRA | Attended |
| Kelly Picard | FSRA | Attended |
| Kevin Lim | FSRA | Attended |
| Kim Hayes | Manulife | Attended |
| Lyne Duhaime | CLHIA | Attended |
| Mike Winter | FSRA | Attended |
| Monica Liang | MoF | Attended |
| Nathan Fahey | MoF | Attended |
| Mari-Jayne Woodyatt | BFG Financial | Regrets |
| Patricia Ziegler | Empire Life | Substitute (Sarah Handley attended) |
| Sean Sorensen | Walker Sorensen LLP | Attended |
| Sheldon Stier | Stier Financial Advisors | Attended |
| Stuart Wilkinson | FSRA | Attended |
| Terri Botosan | Hub Financial Inc. | Attended |
| Teri Ryan | Equitable Life | Attended |
| Tim Miflin | FSRA | Attended |
| Wendy Horrobin | FSRA | Attended |