TORONTO, June 11, 2026 /CNW/ - The Financial Services Regulatory Authority of Ontario ("FSRA"), Specialty Life Inc. ("SLI") and Insurance Supermarket Inc. ("ISI") have agreed to conditions on their licences under the Insurance Act, R.S.O. 1990, c.I.8, as amended (the "Act"). SLI has agreed to pay administrative penalties of $800,000.
SLI and ISI are licensed corporate insurance agents under the Act. SLI administered the sale, underwriting and distribution of life insurance products for licensed life insurers. SLI has admitted that it accepted from agents and provided to insurers information in thousands of policies that SLI later learned was false and misleading. SLI has since made fundamental changes to its business model and compliance function.
The licence conditions require SLI to retain an independent monitor to review whether it has a compliance system in place reasonably designed to prevent misrepresentations in the registration of insurance, validate information and report to FSRA.
"FSRA is committed to protecting consumers and ensuring public confidence in the insurance sector," said Elissa Sinha, Director, Litigation and Enforcement at FSRA. "Insurance distribution intermediaries have a key role to play in preventing misrepresentations in the registration of insurance".
FSRA issued these orders as a result of a settlement with SLI and ISI.
The notice of proposal, minutes of settlement and orders can be found on FSRA's website.
Learn more:
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Lilian Kim
Sr. Media Relations Officer
Financial Services Regulatory Authority
(416) 617-8513
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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