CLHIA welcomes the Ontario government’s commitment to introduce licensing for MGAs

(Toronto, October 30, 2024) – Stephen Frank, President and CEO of the Canadian Life and Health Insurance Association issued the following statement in response to the Ontario government’s commitment in its 2024 Fall Economic Statement to introduce a new category of licensing for life and health insurance intermediaries, such as managing general agents (MGAs).

“We welcome this commitment by the provincial government. Licensing of independent intermediaries, such as managing general agents (MGAs), will benefit Ontarians by clarifying accountabilities which will help to promote fair outcomes for consumers. This is why our industry strongly supports this initiative by the Ontario government. Enhancing consistency of oversight of intermediaries is a critical first step towards modernizing the existing legislative framework and strengthening consumer protection in today's distribution network across Ontario.

We look forward to working with the Ontario government and the Canadian Association of Independent Life Brokerage Agencies (CAILBA) to implement these changes, advance the licensing regime for MGAs and further consumer protections in Ontario.”

About the CLHIA

The CLHIA is a voluntary association whose member companies account for 99 per cent of Canada’s life and health insurance business. These insurers provide a wide range of financial security products including life insurance, annuities (including TFSAs, RRSPs, RRIFs and pensions) and supplementary health insurance to nearly 30 million Canadians. They hold over $1 trillion in assets in Canada and employ almost 180,000 Canadians. For more information, visit www.clhia.ca.

For more information:
Susan Murray
Vice President, Government Relations and Policy
(613) 691-6002 / smurray@clhia.ca