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Insurance Companies Act

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Summary

The Insurance Companies Act of Canada, enacted in 1991, sets out the obligations of businesses that operate as insurance companies in Canada. The act requires insurance companies to obtain a license to operate, to maintain a minimum level of capital and solvency, and to file financial statements with the Office of the Superintendent of Financial Institutions. Insurance companies must also comply with consumer protection regulations, such as providing fair and timely settlement of claims and disclosing information about policies and premiums. The act also establishes the regulatory framework for the supervision and enforcement of insurance companies in Canada.

Thumbnail image for The Insurance Companies Act of Canada, enacted in 1991, sets out the obligations of businesses that operate as insurance companies in Canada. The act requires insurance companies to obtain a license to operate, to maintain a minimum level of capital and solvency, and to file financial statements with the Office of the Superintendent of Financial Institutions. Insurance companies must also comply with consumer protection regulations, such as providing fair and timely settlement of claims and disclosing information about policies and premiums. The act also establishes the regulatory framework for the supervision and enforcement of insurance companies in Canada.
Issuer

Canada

Year

1991

Region

North America

Issuer (type)

Department of Finance (Government)

Policy Type

Other sustainability policy

Geographical scope

National

Mandatory or voluntary

Mandatory


Main industries targeted
  • Finance & Insurance
  • Real Estate, Rental & Leasing
  • Transportation & Warehousing
  • Professional, Scientific, & Technical Services
Restrictiveness

Moderate

Sustainable Development Goals (SDGs)
  • SDG 2: Zero Hunger

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