Regulation - LGIC
Pending the Minister of Finance's approval of the Financial Services Regulatory Authority of Ontario (FSRA)'s proposed amendment to the Unfair and Deceptive Acts or Practices Rule (UDAP) to ban deferred sales charges in segregated funds, public consultation on amendments to s.10 of O.Reg 408/12 and s.12(1) of O.Reg 347/04 under the Insurance Act.
Regulation Number(s):
O Reg 408/12
O Reg 347/04
O Reg 347/04
Instrument Type:
Regulation - LGIC
Bill or Act:
Insurance Act
Summary of Proposal:
The Ministry of Finance is seeking feedback on proposed regulatory amendments:
• Expand prohibited outcomes, subject to administrative monetary penalties, to encompass deferred sales charges; and,
• Clarify that insurers are required to ensure their agents comply with Authority Rules (in addition to legislation, regulation, and license conditions).
• Expand prohibited outcomes, subject to administrative monetary penalties, to encompass deferred sales charges; and,
• Clarify that insurers are required to ensure their agents comply with Authority Rules (in addition to legislation, regulation, and license conditions).
Analysis of Regulatory Impact:
Feedback received will be captured in the final approval package.
The proposed regulatory amendments are enabling rules and would allow existing compliance mechanisms (e.g., administrative monetary penalties) to apply to specific circumstances. There are no new costs associated with these changes.
The proposed regulatory amendments are enabling rules and would allow existing compliance mechanisms (e.g., administrative monetary penalties) to apply to specific circumstances. There are no new costs associated with these changes.
Further Information:
Insurance Act Regulation Administrative Penalties Consultation Draft
Insurance Act Regulation Agents Consultation Draft
Proposal Number:
23-MOF002
Posting Date:
March 17, 2023
Comments Due Date:
May 3, 2023
Contact Address:
Ontario Ministry of Finance
95 Grosvenor Street, 4th Floor
Toronto, ON M7A 1Z1
95 Grosvenor Street, 4th Floor
Toronto, ON M7A 1Z1