FSRA promotes high standards of business conduct in the life and health insurance sector

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.

Read our report summarizing agent misconduct complaints and FSRA's follow-up measures.

CONTACT FSRA

Our Contact Centre and staff are now working remotely. We recommend you contact us by email at [email protected]. We will get back to you within two business days.

Learn more about FSRA and our approach to achieving safety, fairness and choice in non-securities financial services at www.fsrao.ca. 

SOURCE Financial Services Regulatory Authority of Ontario