ivari agrees to licensing conditions

TORONTO, May 31, 2024 /CNW/ - Ontario's financial services regulator, FSRA, and ivari have agreed to conditions on ivari's licence under the Insurance Act, R.S.O. 1990, c.I.8, as amended (the "Act").

These licence conditions will require, among other things, that ivari retain an independent monitor to review its compliance system to validate that it has a system in place that is reasonably designed to ensure that its agents who distribute its products are in compliance with regulatory requirements and FSRA's rules.

Materials and selling practices of managing general agencies ("MGAs") will be part of the review. The independent monitor will also assess whether ivari has effectively addressed issues previously identified by FSRA, and implemented commitments previously made to FSRA.

ivari is a licensed insurer that distributes insurance products using MGAs. These MGAs recruit and supervise the agents that sell ivari's insurance products.

"FSRA is committed to protecting consumers and ensuring public confidence in the insurance sector," said Huston Loke, Executive Vice President of Market Conduct at FSRA. "Insurers must have a system of compliance to reasonably ensure that all agents selling their products comply with the law regardless of the structure of their distribution system."

Learn more:

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. 

For media inquiries:

Ashley Legassic
Acting Sr. Manager, Media Relations
Financial Services Regulatory Authority
C: 647-719-8426
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario