A larger, more powerful insurance regulator could be coming to Ontario
A review of Ontario’s existing insurance regulation regime has led to the recommendation of a larger regulator that has more powers. The proposals come from an expert committee tasked with reviewing the directives of the Financial Services Commission of Ontario (FSCO), the Deposit Insurance Corporation of Ontario (DICO), and the Financial Services Tribunal.
The committee proposed the stronger enforcement of rules and regulations applying to insurance agents, increased obligations in consumer protection, and new rules that reflect those that apply to the securities side of the financial advisory industry.
In addition, the committee suggested an overhaul of Ontario’s existing regulatory framework, including merging FSCO and DICO into one larger regulatory body called the Financial Services Regulatory Authority (FSRA).
The proposed changes would have implications on insurance advisors, as well as other financial services providers, such as mortgage brokers.
For more on the proposed changes, see the coverage from Investment Executive.