According to Office of the Superintendent of Financial Institutions - Federal Government, there are 95 life insurance companies registered in Canada.
According to the OSFI:
"The federal and provincial governments share jurisdiction over life and health insurers. Federal supervision encompasses Canadian-owned insurers and branches of foreign companies holding more than 90 per cent of industry assets. In general, the provinces regulate licensing and marketing, while OSFI conducts prudential reviews of the companies to determine their financial soundness. Compcorp (the Canadian Life and Health Insurance Compensation Corporation) ensures that member companies? policies will be continued, within limits, and generally according to their terms, in the event of an insolvency. (1) This Institution is limited to the servicing of some or all of its existing policies."
This means that both the federal government and provincial government both regulate different aspects of life insurance sales and service. The provinces regulate the licensing and sales of life insurance. This means that each province will have slightly different regulations for licensing and how the product is sold. If you have questions about who's regulating the life insurance industry click the OSFI link above or contact your local Department of Justice - Consumer Protection.
According to the OSFI:
"The federal and provincial governments share jurisdiction over life and health insurers. Federal supervision encompasses Canadian-owned insurers and branches of foreign companies holding more than 90 per cent of industry assets. In general, the provinces regulate licensing and marketing, while OSFI conducts prudential reviews of the companies to determine their financial soundness. Compcorp (the Canadian Life and Health Insurance Compensation Corporation) ensures that member companies? policies will be continued, within limits, and generally according to their terms, in the event of an insolvency. (1) This Institution is limited to the servicing of some or all of its existing policies."
This means that both the federal government and provincial government both regulate different aspects of life insurance sales and service. The provinces regulate the licensing and sales of life insurance. This means that each province will have slightly different regulations for licensing and how the product is sold. If you have questions about who's regulating the life insurance industry click the OSFI link above or contact your local Department of Justice - Consumer Protection.
