Harold Geller Quoted in The Globe and Mail on Ontario’s Proposed Regulation of Life and Health MGAs

Harold Geller, Partner in the Sotos Investor Protection Group, was quoted in The Globe and Mail regarding Ontario’s revised proposals for regulating Life and Health Managing General Agents.

The revised proposal narrows the scope of the licensing framework after concerns that the earlier approach cast too wide a net. Harold described the amendments as a step forward but identified several consumer-protection concerns that remain unresolved.

In particular, Harold noted the conflict created when MGAs are expected to oversee agents while earning a percentage of those agents’ commissions. He also called for MGAs to be required to carry errors and omissions insurance and for greater clarity regarding the respective responsibilities of insurers and MGAs, including agent training requirements.

Harold also emphasized that principles-based regulation must include prescriptive elements so regulated parties understand what is required of them.

The Ontario Ministry of Finance is accepting comments on the proposal until August 17, 2026.

Read the Globe and Mail article here.

Review the proposal and submit comments here.