FSRA announces Life & Health sector key areas of assessment
The Financial Services Regulatory Authority of Ontario (FSRA) has identified two key areas of assessment in the Life and Health (L&H) Insurance sector for 2020-2021:
- the adoption of principles by insurance companies that guide the fair treatment of consumers
- how managing general agencies contracted by insurers to support their work also uphold fair treatment standards.
FSRA expects insurance companies to treat consumers fairly. Insurance companies must also ensure that organizations they contract with to provide services uphold this same standard.
To ensure consumers’ needs and interests are put first and to set clear conduct expectations of the industry, FSRA will review insurer policies, processes and practices in these two important areas.
- For more information, view the Life and Health Insurance Sector Key Areas of Assessment 2020-2021.
- This initiative supports FSRA’s goals and priorities for the regulated sectors, as stated in its Annual Business Plan for 2020-23.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.