knowledge topics
Insurance Regulation
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- 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 regulators oversee 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 restrictions exist on insurance activities by a bank and their employees through the Bank Act.
- 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
Glossary of Verbs (mouse over to see definition)
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally

REFERENCES
- https://www.cisro-ocra.com/ListofCISROmembers
- http://www.ccir-ccrra.org/en/about/
- https://www.cisro-ocra.com/StrategicPlan