The Financial Services Regulatory Authority of Ontario (FSRA) announced March 7 that it is making it easier for managing general agencies (MGAs) and insurers to report life agents who may be unsuitable.
The new functionality on FSRA’s website allows companies to upload and share investigation reports and documentation directly with the regulator. “FSRA will use this information to identify and examine agents whose practices may result in consumer harm,” they write. “Insurers are required to report unsuitable agents to FSRA by law.”
They say examples of unsuitability include unlicensed activities, misrepresentation, missing continuing education credits, missing errors and omissions insurance coverage, criminal charges or convictions, and bankruptcy, consumer proposals or other insolvency matters, alongside any regulatory breaches – whether those breaches contravene FSRA’s rules or those of another regulator.
“Where there is evidence of non-compliance with the Insurance Act, FSRA will enforce the applicable laws and regulations,” they state.
The new online submission capability also gives companies the ability to access their submissions more than once and upload more documents in an ongoing fashion, as they become available.