The Financial Services Regulatory Authority of Ontario (FSRA) is warning the public to be cautious of offers for employment that are linked to the purchase of life insurance policies.

FSRA said it has had heard that insurance agents may be offering false job opportunities to international students and newcomers to Canada with a requirement that they first buy life insurance.

Those who are approached about this need to know that buying life insurance is always optional, that they should report such activity to FSRA and always to check the public registry to confirm that the agent they are working with with is actually permitted to sell insurance.

Insurance salespeople targeting students in Ontario online

FSRA said insurance salespeople appear to be targeting international students and newcomers to Canada in Ontario. Agents are apparently reaching out to them online or through social channels.

FSRA said it will take action to enforce the applicable laws and regulations.

To protect consumers, FSRA requires insurers to monitor their agents for compliance with the Insurance Act, regulations and the agent’s licence.

FSRA is creating a Technical Advisory Committee on potential frameworks for regulating and supervising distribution channels that rely on managing general agencies (MGAs).