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2013 Life Insurance Agent Questionnaire - Reopened : Questions and Answers

​1. What is the product suitability review about?
 
This is an information gathering exercise for FSCO to get an understanding of the process that life insurance agents use at the point of sale, in making suitable product recommendations to prospective policyholders. The review will also consider the actions that life insurance agents are taking to support the financial literacy of their clients.
 
2. Why was the registered letter sent to me?
 
You were selected as part of a random sample of agents to complete the questionnaire but did not complete it by the deadline, November 15, 2013, which was mandatory under the Insurance Act. FSCO has decided to provide you a second opportunity to respond to the questionnaire. The questionnaire has been reopened until March 26, 2014 and can be accessed by visiting the “insurance”/“for industry” page of the FSCO website. This will be the final opportunity for you to respond to the questionnaire. Failure to respond by March 26, 2014 will result in regulatory action.
 
3. How were agents selected for the questionnaire?
 
Over 1000 Ontario licensed life insurance agents were randomly selected.
 
4. What am I required to do now?
 
Completion of the questionnaire is MANDATORY.
 
You are required to complete the questionnaire by by March, 26, 2014It is expected to take about 30 minutes to complete.
 
5. What is the questionnaire about?
 
The questions are about your processes and practices during a typical individual life insurance sales meeting with a client.  It is expected to take about 30 minutes to complete.
 
6. How do I access the questionnaire?
 
You may access the questionnaire by visiting the "insurance"/"for industry" page of FSCO’s website.
 
7. Do I need to complete the questionnaire in one sitting?
 
You do not have to complete the questionnaire in one sitting. After partially completing the questionnaire and closing your browser window, you can return to the questionnaire at any time by visiting the "insurance"/"for industry" page of the FSCO website.
 
8. Will I have to re-enter all my responses when I return to the questionnaire?
 
Using the same computer, the questionnaire will resume at the question where you closed your browser.
 
9. What happens if I do not complete the questionnaire by the due date?
 
Completion of the questionnaire is MANDATORY Pursuant to sections 442.1 “Inquiries” and 442.3 “Duty to Provide Information” of the Insurance Act. Failure to respond by the due date will result in regulatory action.
 
10. What happens if I am unable to complete the questionnaire due to technical reasons or personal circumstances?
 
Completion of the questionnaire is MANDATORY. 
 
If you believe that you have extenuating personal circumstances that warrant an exemption, please put your request in writing to marketconduct@fsco.gov.on.ca.
 
FSCO has selected Survey Monkey as the delivery method for this questionnaire. Survey Monkey is a widely used tool for web-based information gathering. It is your responsibility to resolve technical issues or arrange for access to complete the questionnaire. Failure to respond by the due date will result in regulatory action.
 
11. What is meant by “actively prospecting or selling individual life insurance products”?
 
For the purposes of the questionnaire, you are actively prospecting or selling individual life insurance products if, in the last 12 months, you met with clients regarding their individual life insurance needs and you provided advice resulting in the clients completing  applications for individual life insurance products for which you earned or would have earned commissions.
 
12. What is meant by “currently inactive?
 
For the purposes of the questionnaire, you are currently inactive if, in the last 12 months, you have not met with clients regarding their individual life insurance needs or provided advice resulting in the clients completing applications for individual life insurance products for which you earned or would have earned commissions and you intend to stay inactive.
 
13. What if I have not actively prospected or sold individual life insurance products in the last 12 months but plan to do so in the future?
 
You should complete the questionnaire if your inactivity is temporary and you plan to be actively prospecting and selling individual life insurance products in the future.
 
14. The questionnaire was sent to a generic email address which is used by several agents. Which agent should complete the questionnaire?
 
Please send an email to marketconduct@fsco.gov.on.ca advising of the email address to which the questionnaire was sent. You will then receive an email confirming which agent was selected for the questionnaire.