TORONTO, July 17, 2020 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) promotes high standards of business conduct through its regulation of the financial services sectors, including Life and Health Insurance.
FSRA requires insurance agents to treat consumers fairly. Agents must put consumers' needs and interests first at every stage of the sales process and product life cycle.
To protect the public, insurance companies must ensure that agents comply with the requirements of their licence, and report findings of unsuitable agents to FSRA.
Insurance companies submitted 52 Life Agent Reporting Forms (LARF) related to complaints of agent misconduct between June 8, 2019 and March 31, 2020. FSRA reviewed all complaints and took action in 75% of these cases through letters of warning, further investigation and regulatory enforcement.