The Financial Services Regulatory Authority of Ontario (FSRA) has released its 2024-25 report on life and health insurance agent supervision alongside a 2025-26 supervision plan, calling on the industry to improve agent oversight to support fair consumer outcomes. The plan prioritises stronger reporting and processes, collaboration with industry on key sector issues, and sharing supervision trends. During 2024-25, FSRA identified agent misconduct including intentional deception and document falsification, concealing or distorting critical information, misleading consumers, and failing to act with integrity. Responses included remediation, licensing conditions, revocation, refusal, suspension and administrative monetary penalties. Ongoing supervisory work also found many life agents not following best practices to treat consumers fairly, including selling products unsuitable to consumers’ needs and failing to show product illustrations, with FSRA signalling continued education and engagement on regulatory expectations.

Original source View in tracker