The Insurance Companies Act
Deals with:
- Federal licensing and super vision of insurance companies
- Solvency standards for insurers
Provincial and Territorial Insurance Act
Each province has their own insurance Act.
The Insurance Act
- Sets out basic provisions of life insurance, accident and sickness insurance, fire insurance, and automobile insurance policies
- Prescribes the Statutory Conditions required to form part of each of these types of policies
- Also prescribes certain general rules applicable to all policies issued in the province or territory. (what constitutes a contract, basic content of a policy, grounds for voiding a policy, certain limitations of action)
Highway Traffic Act
- registration and licensing of motor vehicles
- licensing of drivers
- Traffic control of vehicles on highways
Regulations
prescribes details to statutory conditions
Purpose of Stat. Conditions - A&S, Fire, and Auto policies
- Help to provide consistent approach to have their claims settled and bind the insured and insurer
- Establish certain rights and obligations for both parties
- Counteract temptation for insurers to create policies with ‘shady’ wording to avoid paying claims
Stat. Conditions for Fire Policies (15)
- Misrepresentation
- Property of Others
- Change of Interest
- Material Change
- Termination
- Requirements After Loss
- Fraud
- Who May give notice and proof
- Salvage
- entry, control, abandonment
- appraisal
- when loss payable
- replacement
- action
- notice
Purpose of PIPEDA
Personal Information Protection and Electronic Documents Act
- governs collection and use of personal information
Insurance Institute of Canada (IIC)
- Education
Chartered Insurance Professionals’ Society (CIPS)
- Advanced education
- Publishes emerging issues research papers
Insurance Bureau of Canada (IBC)
- advocating industry positions
- Identifying and monitoring issues, developing policy positions, and responding to legal developments
- Staying on top of issues of strategic importance to the industry
Institute of Catastrophic Loss Reduction (ICLR)
- initiative to reduce the human and financial cost of natural disasters
Centre for Study of Insurance Operations (CSIO)
- Improving efficiency of broker distribution channel by overseeing the development, implementation and maintenance of technology standards and solutions
Underwriters Laboratories of Canada (ULC)
Not for Profit
Operates labs and certification services for examination, testing, and certification of devices, materials, and services to determine their effect of fire, accident, and property hazards
Insurance Brokers Association of Canada (IBAC)
Not for profit
National body of Canadas organized brokers. Aims to improve services provided by intermediaries
Canadian Independent Adjusters’ Association (CIAA)
to provide leadership for Canadas independent adjusters through;
- advocacy
- education
- and recognized professional standards
Canadian Insurance Claims Manager Association (CICMA)
organization of insurance company claims managers that promote a high standard of ethics in handling claims
Facility Association
Non-profit
- “high risk”
- shared by all auto insurers in the province or territory
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