Final answer:
Insurance agents and agencies in Canada are regulated by provincial and territorial insurance regulators, responsible for licensing and ensuring adherence to regional rules and consumer protections.
Step-by-step explanation:
In Canada, insurance agents and agencies are regulated by provincial and territorial insurance regulators. Each region has its own authority that oversees the licensing and regulation of insurance entities within their jurisdiction. These regulators ensure that agents like Valerie abide by the specific rules and standards set forth to protect consumers and maintain fair market practices. The Canadian Council of Insurance Regulators (CCIR), Office of the Superintendent of Financial Institutions (OFSI), and the Canadian Insurance Services Regulatory Organizations (CISRO) are national organizations that play various roles in the insurance industry, but the direct licensing of agents is handled at the provincial or territorial level.
Financial Institutions (OFSI), and the Canadian Insurance Services Regulatory Organizations (CISRO) contribute to the regulatory landscape, the direct licensing and oversight of agents, exemplified by agents like Valerie, are conducted at the provincial or territorial level. This decentralized regulatory structure allows for nuanced and region-specific regulatory measures.