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ARTICLE · 13 AUGUST 2024

Ontario Introduces New L&H MGA Licensing Framework

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The Ontario Ministry of Finance (MOF) is proposing to amend the Insurance Act to introduce a new licensing framework to regulate life and health (L&H) managing general agents (MGAs) in the province.

CanadaInsurance
Jill E. McCutcheon
Jill E. McCutcheon
Melissa Prado
Melissa Prado
Kelly Morris
Kelly Morris
Tim Pavlov
Tim Pavlov
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The Ontario Ministry of Finance (MOF) is proposing to amend the Insurance Act to introduce a new licensing framework to regulate life and health (L&H) managing general agents (MGAs) in the province. The MOF has initiated a consultation to seek feedback on a proposal that would introduce a new L&H MGAs licensing regime, give the Financial Services Regulatory Authority of Ontario (FSRA) rule-making authority over such MGAs, and clarify the duties of insurers, MGAs and agents. While the initial proposal is subject to an ongoing consultation process and, hence, may change, it nevertheless represents a major development in the insurance industry in Ontario. The proposal is not unexpected, but it does represent a further departure by Ontario from harmonization of the insurance licensing requirements with those of the other provinces.

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