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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 ...
Insurance Companies Act. 1 - Short Title. 2 - PART I - Interpretation and Application. 2 - Definitions. 2.1 - Interpretation. 13 - Application. 15 - PART II - Status and Powers. 22 - PART III - Incorporation, Continuance and Discontinuance. 22 - Formalities of Incorporation.
OSFI has implemented a risk-based methodology for assess-ing Canadian federal insurance companies and branches, known as its Supervisory Framework. In applying the Su-pervisory Framework, OSFI considers the inherent risks of the business and the quality of risk management for each significant activity.
- 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.
The management of risk and uncertainty is a central function of an insurance company. As such, the issues addressed in this chapter are important to its many stakeholders, including boards, insurance supervisors and rating agencies, as well as to its Chief Risk Officer, the actuarial function and other insurance management.
Insurance Companies ActWe are pleased to provide this public disclosure as required by the Canadian Federal Government as outlined in section 489.1 of the Insurance Companies Act, and the Public Accountability Statements (Banks, Insurance Companies, Trust and Loan. Companies) Regulations. This information is provided for the year 2022 on a ...
People also ask
Can a foreign entity insure a risk in Canada?
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What is the Insurance Companies Act?
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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 ...
