Responses to submission received regarding the Proposed Guidance on Transparent Communication of FSRA Enforcement Actions

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

The proposed Guidance was updated to address some concerns regarding potential unintended consequences of self-reporting.

The final Guidance states clearly that supervisory and remedial actions taken on a co-operative basis and/or without the need for a regulatory Order are generally not covered.

This Approach Guidance  only applies in situations where FSRA initiates formal legal action to impose regulatory sanctions.

Please note that this Approach Guidance only applies to Enforcement Actions where FSRA initiates formal legal action to impose regulatory sanctions for statutory requirements, regulatory misconduct, and unsuitability for licensing. 

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

The Guidance was revised to emphasize situations where FSRA will exercise discretion regarding publishing information on Enforcement Actions.

The revised Guidance includes language defining  the type of Notices of Intended Decision that are not considered Enforcement Actions, and as a result not covered under the Guidance.
In response to “naming and shaming” concerns, please note that this Approach Guidance only applies to Enforcement Actions where FSRA initiates formal legal action to impose regulatory sanctions for statutory requirements, regulatory misconduct, and unsuitability for licensing. The final Guidance states clearly that supervisory and remedial actions taken on a co-operative basis and/or without the need for a regulatory Order are generally not covered.

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period.

Please note that the Guidance was revised to emphasize situations where FSRA will exercise discretion regarding publishing information on Enforcement Actions.

The final Guidance states clearly that supervisory and remedial actions taken on a co-operative basis and/or without the need for a regulatory Order are generally not covered.

The final Guidance also explains the circumstances under which the Guidance applies and in which cases does not apply.

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

The updated version of the Guidance also explains the circumstances under which the Guidance applies and in which cases does not apply.

We appreciate your comment on harmonization reporting processes, but this subject is outside the scope of the proposed Approach Guidance.  Insurers are required to report reasonable grounds to believe that an agent acting on its behalf is not suitable.

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

The final Guidance explains the circumstances under which the Guidance applies and in which cases does not apply.  The Approach Guidance states that the existence of an investigation will only be disclosed in exceptional circumstances where necessary to protect consumers.

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

The Guidance was revised to emphasize situations where FSRA will exercise discretion regarding publishing information on Enforcement Actions.

Please note that this Approach Guidance  only applies in situations where FSRA initiates formal legal action to impose regulatory sanctions.

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

The revised Guidance defines characteristics of News releases and also explains the circumstances under which this Approach Guidance applies and in which cases does not apply.

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

The updated version of the Guidance also explains the circumstances under which the Guidance applies and in which cases does not apply.

Please note that this Approach Guidance  only applies in situations where FSRA initiates formal legal action to impose regulatory sanctions.

We value your comments regarding developing a more robust sanctions guideline, however, this topic is outside the scope of the Guidance.

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions

We appreciate your submission, however additional reporting on Enforcement Action is outside the scope of the proposed Approach Guidance.

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

The proposed Guidance was updated to address some concerns regarding potential unintended consequences of self-reporting.

Please note that this Approach Guidance only applies to Enforcement Actions where FSRA initiates formal legal action to impose regulatory sanctions for statutory requirements, regulatory misconduct, and unsuitability for licensing.

The final Guidance states clearly that supervisory and remedial actions taken on a co-operative basis and/or without the need for a regulatory Order are generally not covered.

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

Please note that the subject of your submission is outside the scope of the proposed Approach Guidance.

Thank you for providing feedback on the proposed Approach Guidance on Transparent Communication of Enforcement Actions. FSRA appreciates the comments and suggestions received during the consultation period. 

Please note that the subject of your submission is outside the scope of the proposed Approach Guidance. 

We would like to reiterate our appreciation for your time and insight and we look forward to continuing working with you on ensuring the transparency of the Enforcement Actions conducted by FSRA.