In a sudden about-face, the Financial Services Regulatory Authority of Ontario (FSRA) has put the brakes on work to finalize rules and a licensing framework for life and health managing general agents (L&H MGAs) in the province. The initiative has already undergone two consultations. Implementation had been targeted for June 1.
FSRA referred all inquiries to the province’s Ministry of Finance. The ministry had little more to say than the terse announcement already published, only adding that the government is committed to establishing a successful new framework while providing regulatory clarity.
“The government appreciates the significant stakeholder engagement to date and will communicate next steps regarding the proposed L&H MGA licensing framework in due course,” the ministry’s statement reads in response to the Insurance Portal’s inquiries.
“FSRA thanks the many stakeholders who provided thoughtful input during the consultation process and looks forward to continued engagement on this important consumer protection initiative,” FSRA’s statement concludes.
