Provincial regulators targeting sales of incidental insurance
Insurance regulators are taking a closer look at the sales of mortgage insurance, creditor’s insurance and other “incidental” insurance products. The new examination efforts come amid concerns that the individuals selling these policies aren’t qualified, and in many cases, aren’t licensed to sell insurance at all.
Insurance agents have welcomed the regulatory changes, as they will offer better protection for consumers while also leveling the playing field in the distribution of insurance products.
IFB also welcomes the decision of regulators to address this issue. We feel it’s unfair that individuals who are not subject to the same requirements and oversight of licensed representatives can sell insurance products.
Read more about the issue and our stance in this article from Investment Executive.