Insurance Regulation
The federal organization responsible for supervising and enforcing safeguards to ensure the solvency of insurance companies in Canada.
What is the Office of the Superintendent of Financial Institutions (OSFI)?
In provinces like Ontario and Manitoba, this act addresses vehicle registration, licensing of drivers, and proof of financial responsibility for insurance.
What is the Highway Traffic Act (or equivalent)?
This happens if an insurer fails to print the statutory conditions in a policy as required by the Insurance Act.
What is incurring a penalty
This is one of the first steps to take when responding to a privacy breach.
What is identifying the breach and its source?
The primary function of insurance, allowing the losses of the few to be shared by the many
What is the spread of risk?
This act governs the incorporation and regulation of Canadian and foreign insurance companies at the federal level.
What is the Insurance Companies Act?
This code governs the terms of insurance contracts and legal disputes exclusively in Quebec.
What is the Civil Code of Québec?
These types of insurance policies in Quebec are bound by general conditions outlined in this specific section of law.
What is the Civil Code of Québec?
Connecting work devices to unsecured public Wi-Fi networks could lead to this type of privacy breach.
What is a public privacy breach?
This initiative has helped consumers better understand their insurance policies by removing legal jargon and complexity.
What is the move toward plain-language policies?
This is the primary focus of all government insurance regulation.
What is consumer protection?
These acts govern the licensing of private-sector insurance companies, brokers, agents, and adjusters in individual provinces or territories.
What are the Provincial and Territorial Insurance Acts?
This statutory condition allows insurers to require the insured to take steps to protect property after a loss.
What is salvage?
Sending private information to the wrong individual due to a name mix-up is an example of this kind of error.
What is a privacy breach caused by human error?
This pre-loss objective reflects an organization's efforts to improve its public image and prioritize human safety.
What is social responsibility?
These are the three main areas covered by the supervision of Canadian insurance companies under the Insurance Companies Act.
What are establishment, prerequisites to operation, and supervision during operation?
The common law system in Canada is derived from this mix of legal traditions.
What are case law and statute law?
Insurers may omit all statutory conditions for these contracts, provided they carry a bold-print statement referencing the Insurance Act.
What are short-duration contracts (e.g., travel or non-renewable accident insurance policies under six months)?
This act introduced mandatory breach notifications and strengthened Canadians’ privacy rights in dealings with private-sector companies.
What is the Digital Privacy Act?
This term describes the total expenses related to managing pure risk, including premiums and costs of uninsured losses.
What is the cost of risk?
The annual return prepared by insurance companies must include this information, such as assets, liabilities, income, and expenditures.
What is the condition and affairs of the company?
This document, often found in the provincial insurance acts, includes conditions that must be part of certain types of policies, like fire and automobile insurance.
What are statutory conditions?
These two statutory conditions involve the insured providing notification and proof to the insurer after a claim arises.
What are notice and proof of claim?
This federal statute governs the collection and use of personal information and ensures it is held in strict confidence.
What is the Personal Information Protection and Electronic Documents Act (PIPEDA)?
This post-loss objective focuses on ensuring that vital services, such as electricity or natural gas, are continuously provided after a loss.
What is operational continuity?