Frequently Asked Questions - FSCO's Consultation on Modernizing Disciplinary Hearings for Insurance Agents and Adjusters in Ontario

1. Why is FSCO having a public consultation on modernizing the disciplinary hearing process for insurance agents and adjusters? 
 
FSCO's consultation paper proposes a new model for holding hearings and disciplining insurance agents and adjusters under Ontario’s Insurance Act (Act).  Under the Act, the current process for making licensing decisions about agents and adjusters is 90 years old.  It does not align with the statutory processes for licensing and discipline matters in other sectors FSCO regulates.
 
The current model does not apply in other regulatory hearing processes at FSCO that impose penalties, such as the Administrative Monetary Penalties that were introduced to the insurance sector in January 2013. 
 
2. Who is invited to participate in the consultation process?
 
Insurance industry stakeholders, the public and other regulators are invited to provide written comments or suggestions regarding this consultation paper on or before September 30, 2013.
 
3. How can I get a copy of the consultation paper?
 
The consultation paper entitled Modernizing Disciplinary Hearings for Insurance Agents and Adjusters in Ontario:  A Proposal for Consultation is available on FSCO website at: http://www.fsco.gov.on.ca/en/insurance/Pages/consultation-modernizing-disciplinary-hearings.aspx
 
4. What is the deadline for submitting comments or suggestions regarding the consultation paper?
 
Please submit your comments or feedback to FSCO by September 30, 2013.
 
5. How can I send my comments to FSCO?
 
There are two ways to submit your comments to FSCO:
 
  1. Send an email to jim.fox@fsco.gov.on.ca and include “Consultation on Insurance Disciplinary Hearings” in your email’s subject line.
  2. Mail your comments to the following address:

    Jim Fox
    Senior Policy Analyst
    Licensing and Market Conduct Division
    Financial Services Commission of Ontario
    5160 Yonge Street, Box 85
    Toronto ON  M2N 6L9 
6. I noticed there are other proposed Insurance Act amendments in the consultation paper.  How can I get more information on these proposals?
 
For more information on the proposed Insurance Act amendments, please contact Jim Fox by e-mail at  jim.fox@fsco.gov.on.ca, or by telephone at (416) 590-7277 or 1-800-668-0128 extension 7277.
 
7. Is FSCO planning to post stakeholder comments on its website?
 
Yes.  All comments that are received in paper and electronic format will be posted on FSCO’s website once the consultation period has concluded.  If, for any reason, you do not want your submission to be made public, please clearly indicate this in your response.   
 
FSCO will contact you if further information about your comments is needed.