IFB in the news: New Rules for MGAs
CLHIA releases compliance guidelines as part of its response to recommendations from regulators
Insurance advisors could begin seeing more compliance audits and a higher level of oversight of their day-to-day sales activities by their managing general agencies (MGAs) as the industry adopts a set of standardized compliance practices for the MGA distribution channel.
The Canadian Life and Health Insurance Association Inc. (CLHIA) recently released a reference document entitled MGA Compliance: A Risk-based Approach for Compliance Programs in the MGA Channel. This document is intended to serve as a guide for MGAs in developing compliance policies regarding advisor screening and monitoring, as well as other compliance responsibilities.