CCIR paper recommends insurers clearly outline a requirement of agent supervision in their contracts with MGAs
Deal makes Kitchener, Ont.-based MGA the largest in Canada in terms of number of brokers
New regulatory requirements for managing general agencies in British Columbia
Notice seeks to clearly define an MGA’s compliance responsibilities
Many say oversight of agencies would result in more uniformity across the channel and prevent advisor fraud
Agent supervision is a key area of concern
Both consumers and the stability of insurance companies would benefit from decisive action to regulate a sector that has escaped oversight for too long
Although the review of the regulation of managing general agencies by the Canadian Council of Insurance Regulators is still ongoing, the insurance industry is making it clear that it is dead set against the implementation of any restrictions on an advisor’s ability to transact with MGAs.In a paper published in Feb-ruary, the CCIR had dedicated […]
Regulators’ paper looks at oversight duties of MGAs, insurers
Growth of MGA distribution model may have created risks to consumers