The Financial Services Regulatory Authority of Ontario said its initial probe found “four main areas of concern” that potentially exposed consumers to harm. Among them was that three managing general agencies were compensating agents based not only on their own sales but also on the sales made by people they recruit, which “could have motivated the recruitment of individuals who are not yet licensed” as well as many sales by new agents, the regulator said.
“These specific MGAs appear to be involved in a kind of multi-level marketing business-model that we feel raises significant consumer protection concerns in life and health insurance,” he said.
As a result of the initial findings, FSRA is conducting a “thematic” review of life insurance agents in the province and of those contracted with the three agencies it has already begun to examine. It also laid out further plans Wednesday including a consideration of “appropriate regulatory action.”
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