Insurance regulator takes action against life insurance sales practices

TORONTO — Ontario's insurance regulator says it has taken enforcement action after finding widespread deficiencies related to the sale of life insurance products.

The agency's review of 130 agents found 50 per cent had practices that went against the Insurance Act, including failing to disclose conflicts of interest, misrepresentation to the regulator and gaps in training. The regulator has been looking for some time into issues around multi-level marketing sales models, especially their heavy use of complex universal life insurance policies that it found in 80 per cent of reviewed files don't align with customer needs.

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