Question

Valerie is a new insurance agent. She is confused about the regulatory authorities in the insurance industry and asks her supervisor to clarify a few points for her. Who licenses and regulates agents and insurance agencies?

a. Office of the Superintendent of Financial Institutions (OFSI)
b. Canadian Insurance Services Regulatory Organizations (CISRO)
c. Canadian Council of Insurance Regulators (CCIR)
d. Each separate provincial and territorial insurance regulator

Answer 1

In Canada, insurance agents and agencies are licensed and regulated by each separate provincial and territorial insurance regulator.

Step-by-step explanation:

The individual who licenses and regulates agents and insurance agencies in Canada is determined by each separate provincial and territorial insurance regulator. Unlike in the United States, where the insurance industry is regulated at the state level, in Canada, each province has its own regulator that oversees the licensing and operation of insurance agents within their jurisdiction. These regulators ensure that agents are properly licensed, adhere to regulations, and that the interests of consumers are protected.