Doctors Seek Higher Fees From Health InsurersAn Ontario regulator is widening a review of the life and health insurance industry after an initial probe found “concerning practices involving the most common way individual life and health insurance policies are sold” in the province. The Financial Services Regulatory Authority of Ontario said its initial probe found “four main areas of concern” that potentially exposed consumers to harm. “These specific MGAs appear to be involved in a kind of multi-level marketing business-model that we feel raises significant consumer protection concerns in life and health insurance,” he said. FSRA, which supervises insurers, intermediaries and agents that sell life and health insurance, said insurers are legally required to have systems reasonably designed to ensure compliance by their agents. In an emailed statement Thursday, the Canadian Life and Health Insurance Association said the industry has been working with regulators including FSRA “to ensure consumers are treated fairly” and will “carefully review” the latest findings.

Source: National Post September 29, 2022 08:37 UTC