TORONTO, May 30, 2024 /CNW/ - Ontario's financial services regulator, FSRA, and World Financial Group Insurance Agency of Canada ("WFGIA Canada") have reached an agreement concerning a Notice of Proposal ("NOP") FSRA issued on April 3, 2023.
As part of the agreement, WFGIA Canada will establish an independent supervision team to conduct reviews to assess agent compliance, including but not limited to, agreed upon industry best practices such as needs analysis and "reasons why" letters.
These agent reviews will include risk-based selection and representative sampling, as well as reviews of newly sponsored agents. WFGIA Canada will provide FSRA with regular reports summarizing these reviews and key actions taken.
As part of the agreement, WFGIA Canada has withdrawn its request for a hearing before the Financial Services Tribunal that it made on April 21, 2023, and FSRA has withdrawn the NOP.
"FSRA continues to take action to protect consumers and ensure public confidence in the insurance sector," said Huston Loke, Executive Vice President, Market Conduct at FSRA. "These measures strengthen agent oversight and help to ensure agents are selling products that meet their customers' needs."
WFGIA Canada is a licensed insurance agent under the Insurance Act. As a managing general agency, WFGIA Canada operates as an intermediary between licensed agents and insurers.
Learn more:
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Ashley Legassic
Acting Sr. Manager, Media Relations
Financial Services Regulatory Authority
C: 647-719-8426
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
Share this article