The Financial Services Regulatory Authority of Ontario (FSRA) is seeking industry input on improving regulation of segregated funds and the supervision of companies in the managing agency (MGA) channel.
The provincial regulator has announced the formation of two new technical advisory committees that will provide it with industry feedback on improving aspects of the regulation of conduct in the life insurance sector.
In particular, the two new advisory committees will provide feedback to the FSRA on “a potential framework for the regulation and supervision of (MGA)-based distribution channels,” it said, and better regulation of segregated funds.
The dedicated funds committee will examine, among other things, disclosure of investment costs and performance, dealer and advisor compensation, and developments in the mutual fund industry, such as the customer-focused reforms of Canadian securities administrators.
Regarding the regulation of MGA channels, the committee will consider a variety of distribution issues, as well as emerging trends and issues affecting consumer protection in the sale of life and health insurance.
The committee will include life and health insurance agents and/or brokers, seg fund issuers and industry trade groups.
Applications must be submitted by October 26.
