Insurance Regulation
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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|---|---|---|---|---|---|---|---|---|---|
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Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Identify that the provincial/territorial governments create insurance legislation through insurance acts.
- Identify that the provincial/territorial governments delegate insurance regulation to their respective insurance regulators.
- Identify the insurance regulators in Canada.1
- Identify that the applicable provincial/territorial insurance regulator oversees any product or service relationship between the insurance industry, a member of the insurance industry and the public through the provincial/territorial insurance acts.
- Explain the purpose of the applicable provincial/territorial insurance regulators.
- Explain the role of the provincial/territorial insurance regulators.
- Explain the provincial/territorial insurance acts’ broad principles of regulation, such as:
- Regulation of product distribution to consumers
- Disclosure
- Registration
- Enforcement
- Consumer protection
- Identify the mandate of the Canadian Council of Insurance Regulators (CCIR).2
- Identify the mandate of the Canadian Insurance Services Regulatory Organizations (CISRO).3
- Identify the types of penalties that may be imposed for violating insurance legislation, such as:
- Suspension of licensed representative
- Deregistration as a licensed representative
- Monetary penalties
- Re-training or re-certification
- Criminal prosecution or imprisonment
- Identify that the Bank Act may restrict insurance activities by a bank and their employees.
- Identify the options available to insurance industry consumers for dispute resolution, such as:
- File a complaint with the insurance agent / broker / advisor / insurance company involved
- File a complaint with the Ombudsman for Life and Health Insurance (OLHI)
- File a complaint with the General Insurance Ombudsman (GIO)
- File a complaint with an insurance regulator
- Take legal action
REFERENCES
1 http://www.cisro-ocra.com/members.html
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
|
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Identify that the provincial/territorial governments create insurance legislation through insurance acts.
- Identify that the provincial/territorial governments delegate insurance regulation to their respective insurance regulators.
- Identify the insurance regulators in Canada.1
- Identify that the applicable provincial/territorial insurance regulator oversees any product or service relationship between the insurance industry, a member of the insurance industry and the public through the provincial/territorial insurance acts.
- Explain the purpose of the applicable provincial/territorial insurance regulators.
- Explain the role of the provincial/territorial insurance regulators.
- Explain the provincial/territorial Insurance acts’ broad principles of regulation, such as:
- Regulation of product distribution to consumers
- Disclosure
- Registration
- Enforcement
- Consumer protection
- Identify the mandate of the Canadian Council of Insurance Regulators (CCIR).2
- Identify the mandate of the Canadian Insurance Services Regulatory Organizations (CISRO).3
- Identify the types of penalties that may be imposed for violating insurance legislation, such as:
- Suspension of licensed representative
- Deregistration as a licensed representative
- Monetary penalties
- Re-training or re-certification
- Criminal prosecution or imprisonment
- Identify that the Bank Act may restrict insurance activities by a bank and their employees.
- Identify the options available to insurance industry consumers for dispute resolution, such as:
- File a complaint with the insurance agent / broker / advisor / insurance company involved
- File a complaint with the Ombudsman for Life and Health Insurance (OLHI)
- File a complaint with the General Insurance Ombudsman (GIO)
- File a complaint with an insurance regulator
- Take legal action
REFERENCES
1 http://www.cisro-ocra.com/members.html