TORONTO, Nov. 6, 2020 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is warning the public to be cautious of offers for employment that are linked to the purchase of life insurance policies.
It has come to FSRA's attention that insurance agents may be offering false job opportunities to international students and newcomers to Canada with a requirement that they first purchase life insurance.
If you are approached in this manner:
- keep in mind that buying life insurance is always optional
- report the activity to FSRA
- Check the Public Registry to confirm that you're working with an agent who is permitted to sell insurance
Agents appear to be targeting international students and newcomers to Canada across Ontario. Agents are apparently reaching out to them online or through social channels.
FSRA will take action to enforce the applicable laws and regulations.
FSRA takes fair treatment of consumers and its licensees' conduct seriously. To protect consumers, FSRA requires insurers to monitor their agents for compliance with the Insurance Act, regulations, and the agent's licence. Insurers are expected to report unsuitable agents through a Life Agent Reporting Form (LARF).
Learn more about our work protecting consumers in the Life & Health Insurance sector:
- Creating a Technical Advisory Committee on potential frameworks for regulating and supervising distribution channels that rely on managing general agencies (MGAs).
- Assessing insurer policies, processes and practices in two key areas of the sector to ensure consumers' needs and interests are put first and to set clear conduct expectations of the industry.
- Reviewing all LARF complaints received between June 8, 2019 and March 31, 2020, and taking action in 75% of these cases through letters of warning, further investigation and regulatory enforcement.
SOURCE Financial Services Regulatory Authority of Ontario
FOR MEDIA INQUIRIES: Malon Edwards, Senior Communications Officer, Financial Services Regulatory Authority, C: 647-296-5479, Email: [email protected]
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