The Financial Services Regulatory Authority of Ontario (FSRA) is moving forward with licensing life and health MGAs in Ontario to increase consumer protection and strengthen oversight. This work reflects FSRA’s commitment to building a fair, safe, and competitive financial services sector.
FSRA will host a live online session to walk stakeholders through the updated FSRA proposed L&H MGA Rule and a related amendment to the Fee Rule. The session will take place on Wednesday, November 5, 2025, from 10 to 11 a.m. ET. Anyone interested in learning more about the proposed rule can register in advance.
FSRA’s updated proposal aims to correct long-standing issues within the MGA sector. Many consumers face risks when agents are not screened properly or receive little training or oversight. FSRA’s rule directly addresses these concerns by requiring MGAs to demonstrate strong compliance practices, consistent supervision, and high training standards. These measures will help ensure consumers receive fair treatment across the province.
The rule reflects extensive feedback from the first consultation round. FSRA revised the proposal to clarify expectations and reduce unnecessary regulatory burden. The update also introduces a clear, tiered approach that outlines obligations based on the size and structure of each MGA. This model supports stronger oversight while maintaining operational flexibility for businesses.
The revised rule is now open for a second consultation until November 19, 2025. FSRA is also seeking feedback on a proposed amendment to its Fee Rule, which introduces an application fee for the new MGA licence. This consultation will remain open until December 19, 2025.
These efforts build on the Ontario government’s 2024 decision to create a separate licensing class for life and health MGAs. The change gives regulators better tools to supervise MGAs, respond to sector risks, and protect consumers more effectively.
FSRA will continue working with agents, industry partners, and consumers to support fairness, transparency, and strong market conduct across the financial services sector.
