Property and casualty (P&C) insurance companies in Canada are regulated by federal and/or provincial regulators, called Superintendents of Insurance. Show Federally, the Office of the Superintendent of Financial Institutions (OSFI) regulates the solvency and financial soundness of most P&C insurance companies. Provincially, individual Superintendents of Insurance license insurance companies, regulate insurance products and market conduct (underwriting, rating, claims, and marketing practices), and regulate solvency and financial soundness of the companies incorporated in their province.
Additionally, there are administrative tribunals and utility boards that supervise auto insurance rates.
Insurance regulators issue bulletins, notices or guidelines on various issues affecting the P&C insurance industry. The following jurisdictions make these bulletins and guidelines available online.
If you notice a broken link, please contact . Updated October 6, 2020. What is the role of the insurance commissioner in California?Oversees and directs all functions of the Department of Insurance. Licenses, regulates, and examines insurance companies. Answers public questions and complaints regarding the insurance industry. Enforces the laws of the California Insurance Code and adopts regulations to implement the laws.
What is a responsibility of the Commissioner of Insurance quizlet?The commissioner has the authority to take action to enforce the law (suspend, revoke, remove license of agent or a company's authority).
Which of the following is a duty of the insurance commissioner?Duties and powers of insurance commissioners
The purpose of insurance commissioners is to maintain fair pricing for insurance products, protect the solvency of insurance companies, prevent unfair practices by insurance companies, and ensure availability of insurance coverage.
Which of the following is not a duty of the California insurance commissioner?Which of the following is not a duty of the California Insurance Commissioner? (The Commissioner does not prosecute lawbreakers, though he/she may issue cease and desist orders for committing unfair practices.)
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Which of the following is considered the responsibility of the California Commissioner of insurance?
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