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ARTICLE · 03 MAY 2022

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FSRA's New Supervisory Framework For Life And Health Agents Means More Proactive Supervision

Walker Sorensen
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On March 29, 2022, the Financial Services Regulatory Authority of Ontario ("FSRA") announced the launch of the first Life and Health Agent Supervisory Framework (the "Framework").

CanadaFinance and Banking
Roisin Hutchinson
Roisin Hutchinson
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New Supervisory Framework

On March 29, 2022, the Financial Services Regulatory Authority of Ontario ("FSRA") announced the launch of the first Life and Health Agent Supervisory Framework (the "Framework"). The Framework represents FSRA's new, proactive approach to supervising the sale of life and health insurance and is the first ever supervision framework for life and health agents in Ontario. Click here for the full text of the Framework.

Before the launch of the Framework, FSRA and its predecessor's approach to the supervision of life agents was reactive. Supervision and enforcement focused mainly on those agents who self-declared non-compliance or were in response to complaints against specific agents1. Now, FSRA has established a dedicated Life and Health Insurance Agent Unit (the "LAU") which helped develop the Framework and, going forward, will be responsible for implementing and scaling the Framework, setting target examination volumes and integrating

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