Question

Tina, a new client, asks her agent about regulation in the insurance industry. Tina wants to know specifically whether there is an inter-jurisdictional agency to facilitate and promote an efficient and effective regulatory system in Canada to serve the public interest. What does Tina's agent tell her?

a. Canadian Insurance Services Regulatory Organizations (CISRO)
b. Canadian Securities Administrators (CSA)
c. Canadian Life and Health Insurance Association (CLHIA)
d. Canadian Council of Insurance Regulators (CCIR)

Answer 1

The Canadian Council of Insurance Regulators (CCIR) is the inter-jurisdictional agency that facilitates and promotes an efficient and effective regulatory system in Canada's insurance industry.

Step-by-step explanation:

Tina's agent could tell her that in Canada, regulation in the insurance industry includes several organizations. However, the specific inter-jurisdictional agency which facilitates and promotes an efficient and effective regulatory system in Canada to serve the public interest is the Canadian Council of Insurance Regulators (CCIR).

The CCIR is an inter-jurisdictional association of insurance regulators. It aims to enhance insurance regulation across Canada, streamline the regulatory process, and ensure a fair, safe, and stable insurance market for the public. While the U.S. insurance industry is predominantly regulated at the state level by entities such as the National Association of Insurance Commissioners, Canada's insurance industry is overseen by bodies including the CISRO, but the CCIR specifically deals with inter-jurisdictional coordination.