The Financial Services Regulatory Authority of Ontario has issued settlement orders under the Insurance Act imposing licence conditions on Specialty Life Inc. and Insurance Supermarket Inc., with Specialty Life agreeing to pay administrative penalties of CAD 800,000. The action follows Specialty Life's admission that it accepted from agents and provided to insurers information in thousands of policies that it later learned was false and misleading. Specialty Life and Insurance Supermarket are licensed corporate insurance agents, and Specialty Life administered the sale, underwriting and distribution of life insurance products for licensed life insurers. Under the licence conditions, Specialty Life must retain an independent monitor to review whether it has a compliance system reasonably designed to prevent misrepresentations in the registration of insurance, validate information and report to FSRA. Specialty Life has also made fundamental changes to its business model and compliance function.
Financial Services Regulatory Authority of Ontario2026-06-11
Financial Services Regulatory Authority of Ontario settles with Specialty Life and Insurance Supermarket with licence conditions and CAD 800000 penalty
The Financial Services Regulatory Authority of Ontario has settled with Specialty Life Inc. and Insurance Supermarket Inc., imposing licence conditions and requiring Specialty Life to pay CAD 800,000 in administrative penalties. Specialty Life admitted it accepted and passed on false and misleading information in thousands of policies. It must now retain an independent monitor to assess its compliance controls and report to FSRA.