The Financial Services Regulatory Authority of Ontario (FSRA) has published an updated proposal to license life and health managing general agents (L&H MGAs) and opened a second consultation on its proposed L&H MGA Rule, alongside a consultation on a related amendment to its Assessments and Fees rule to introduce an L&H MGA licence application fee. The updated proposed L&H MGA Rule is intended to strengthen oversight and consumer protection by addressing practices such as inadequate agent screening, training and monitoring, and by requiring agents to be well trained and properly supervised across the sector. Changes following the first consultation aim to clarify compliance requirements and reduce regulatory burden through a tiered approach that differentiates obligations. The proposals build on the Ontario government’s 2024 decision to create a separate licensing class for L&H MGAs. The second consultation on the updated L&H MGA Rule is open until November 19, 2025, and FSRA is holding an online session on November 5, 2025. The consultation on the Fee Rule amendment is open until December 19, 2025.
Financial Services Regulatory Authority of Ontario 2025-10-20
Financial Services Regulatory Authority of Ontario opens second consultation on licensing rule for life and health managing general agents and proposes application fee
The Financial Services Regulatory Authority of Ontario released an updated proposal to license life and health managing general agents (L&H MGAs) and initiated a second consultation on the proposed L&H MGA Rule. The rule aims to enhance oversight and consumer protection by improving agent screening, training, and supervision, while reducing regulatory burden through a tiered compliance approach. This follows the Ontario government's 2024 decision to establish a separate licensing class for L&H MGAs.