Question

While writing a policy and procedure for onboarding insurance companies at the financial institution that employs you, you recognize the need to ensure the companies are appropriately regulated. Your firm's legal and compliance departments ask you to name that association that regulates the life insurance companies in your policy and procedure document. What organization would you name?

a) The Office of the Superintendent of Financial Institutions (OSFI)
b) The Canadian Association of Independent Life Brokerage Agencies (CAILBA)
c) Advocis
d) The Financial Planners Standards Council (FPSC)

Answer 1

The organization that regulates life insurance companies is the National Association of Insurance Commissioners (NAIC).

Step-by-step explanation:

The organization that regulates life insurance companies is the National Association of Insurance Commissioners (NAIC). The NAIC is a voluntary association that brings together state insurance regulators to exchange information and strategies. They work to keep the price of insurance low and ensure that everyone has insurance.