TORONTO, Oct. 6, 2025 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is releasing the 2024-25 report on life and health insurance agent supervision and a supervision plan for the year ahead.
The report and the plan call on industry to improve agent oversight in support of fair outcomes for consumers.
The supervision plan focuses on enhancing reporting and processes, working with industry to address key sector issues, and sharing supervision trends.
"Protecting consumers is our top priority and this supervision plan is a critical step towards improving the way we do that," said Erica Hiemstra, Head, Insurance Conduct at FSRA. "But we can't do that alone. We expect industry participants to strengthen oversight, improve reporting accuracy, and properly train and monitor agents. We firmly believe that consumer protection is a shared responsibility between FSRA and the industry."
In 2024-25, FSRA identified the following types of agent misconduct:
- Intentional deception and document falsification
- Concealing or distorting critical information
- Misleading consumers
- Failing to act with integrity
FSRA responded to these issues through remediation, licensing conditions, revocation, refusal, suspension or imposing administrative monetary penalties.
FSRA also continues to find that many life agents do not follow best practices to treat consumers fairly. Examples include selling products unsuitable to consumers' needs and failing to show product illustrations.
FSRA will continue to address these concerns through education and engagement on regulatory expectations for agents.
Learn more:
- FSRA's Life Agent Supervision Report 2024-25 and Life Agent Supervision Plan 2025-26
- FSRA's Life Agent Misconduct Report program
- Fact: In Ontario, FSRA supervises more than 60,000 licensed life and health insurance agents, who sell and service insurance products on behalf of approximately 70 licensed insurance companies.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
FOR MEDIA INQUIRIES:
Russ Courtney
Sr. Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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