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2024-01-18. We regulate most of the insurance companies that provide insurance for homes, cars and businesses in Canada. The federal and provincial/territorial governments share jurisdiction over insurers. We supervise property and casualty insurers to ensure they remain financially sound. The provinces and territories regulate licences for ...
- Overview
- Insurance Companies Act
- Green Shield Canada Act
- Insurance Companies Act Regulations
- Code of conduct
The Insurance Companies Act is the primary legislation governing all federally incorporated or registered insurance companies in Canada. FCAC is responsible for administering sections of the Act designated as consumer provisions, in addition to monitoring the financial institutions’ compliance with codes of conduct and public commitments.
The complete text of the Act can be seen on the Department of Justice Canada’s website. For your convenience, we also show the sections specifically related to consumer provisions below.
Sections related to consumer provisions:
•(c) Paragraphs 165(2)(f) and (g), subsection 469.1(3), sections 479 to 489.3, subsection 542.061(3) and sections 598 to 607.2 of the Insurance Companies Act together with any regulations made under or for the purposes of those provisions;
Sections related to consumer provisions:
Subsection 469.1(3) as set out in paragraph 17(1)(f) of the Green Shield Canada Act and the provisions referred to in paragraph 17(1)(f.1) of that Act as they apply to Green Shield Canada in accordance with section 17 of that Act together with any regulations made under or for the purposes of those provisions.
Code of Conduct for Federally Regulated Financial Institutions: Mortgage prepayment information
The Code of Conduct is designed to ensure that enhanced information is available to assist borrowers in making decisions about mortgage prepayment.
An insurance policy is a legal contract between you (the insured) and the insurance company (the insurer). An insurance policy specifies: which risks your insurance company covers. under what circumstances the insurer will make a payment to you. how much money, or what type of benefit, you'll get if you make a claim.
Dec 7, 2023 · Canada’s insurers share a commitment to protecting Canadians – and being there for them in moments of challenge and crisis. As part of that commitment, insurers must be attuned and responsive to changing times and evolving risks. The past year has highlighted a number of forces that are affecting and reshaping Canada’s insurance industry.
May 14, 2018 · The publication, which can be accessed here, is published by UK-based Chambers and Partners as a chapter of its 2018 Global Practice Guide on Insurance Law. DISCLAIMER: This publication is intended to convey general information about legal issues and developments as of the indicated date.
- Stikeman Elliott
Introduction: Section 573 of the Insurance Companies Act (ICA) provides that a foreign entity shall not insure in Canada a risk unless it is authorized by order of the Superintendent to do so and the risk falls within a class of insurance that is specified in the order. Where a foreign entity has been granted such an order, every aspect of its ...
People also ask
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Jun 25, 2024 · How the P&C insurance industry supports Canada’s economy: The industry contributes $38 billion to the country’s nominal GDP. The total number of jobs created by the P&C insurance industry is an estimated 297,000. The industry promotes gender equality, employing a higher percentage of women (60%) in 2021 compared to the national average (48%).
