Insurance & Reinsurance 2018

1 Regulatory

1.1 Which government bodies/agencies regulate insurance (and reinsurance) companies?

In Canada, responsibility for lawmaking is shared among the federal government and the governments of 10 provinces and three territories ("provinces"). Under Canada's constitution, there is a division of powers between the federal and provincial governments. The federal government makes laws for the whole of Canada in respect of matters assigned to it by the constitution. Likewise, a provincial legislature has legislative jurisdiction relative to the subject matters over which it has been assigned. In the context of insurance, this jurisdiction is shared but somewhat compartmentalised. The federal government has jurisdiction over the prudential regulation (e.g. solvency) of insurance companies and other entities that are authorised federally to provide insurance products ("insurers"), while the provinces have authority over the market conduct of insurers carrying on