FSRA outlines updatesBy The IJ Staff | March 31 2020 12:00PM
Photo: Kaitlyn Baker (Unsplash)
The Financial Services Regulatory Authority of Ontario has outlined a number of updates to the sectors it regulates during the COVID-19 pandemic.
The deadline for licence renewals for insurance agents is being extended by 60 days. FSRA will be providing additional information once arrangements have been finalized.
FSRA provides guidance to insurers
Ontario-incorporated insurance companies should look online for information guidance FSRA has provided on how they can use telephonic, digital or other electronic forms for holding virtual annual meetings during the COVID-19 pandemic.
When it comes to pensions, plan administrators or their authorized agents who are registered on FSRA's Pension Services Portal may submit filing extension requests of up to 60 days. If the filing extension request is for a period longer than 60 days, FSRA asks that the request be submitted by email to their pension officer.
Get in touch with assigned pension officer
If a plan administrator or their agents are facing challenges in complying with the prescribed timelines, FSRA asks that their assigned pension officer be informed via email as soon as possible. While FSRA does not have discretionary powers to extend the prescribed timelines as they relate to member disclosures, effective immediately, provided administrators or agents have advised FSRA of the challenges they are experiencing and have a reasonable proposed plan of action, summary administrative monetary penalties will not be levied with respect to non-compliance in this area until further notice.
Employers experiencing challenges filing their Pension Benefits Guarantee Fund (PBGF) assessment certificate or paying their PBGF assessment due to disruption from COVID-19 are encouraged to contact their pension officer as soon as possible to discuss their individual circumstances and relief that can be provided.