Links
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| Links Relating to Canadian Federal Financial Institutions
In Canada insurance companies can be incorporated either federally or provincially. Companies that expect to do business in a number of provinces are usually incorporated federally whilst those with more limited geographical intentions are often incorporated provincially. As a result, by far the majority of insurers having national operations, which of course also tend to be the larger insurers, are federally incorporated. Foreign insurance companies can be licensed in Canada on a branch basis and all foreign branch insurers are also subject to federal licensing.
The Office of the Superintendent of Financial Institutions The OSFI web site is very extensive, with a great deal of information
concerning Canadian solvency rules and regulations. The OSFI site map
is at:
http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=3
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Federal Laws In order to access specific laws, such as the federal Insurance Companies Act administered by OSFI, it is necessary to go to the Department of Justice Web site, from which one can review or download specific legislation: http://canada.justice.gc.ca/Loireg/index_en.html |
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Federal Regulations Of course not all the laws are contained directly in the statutes. Most Acts make provision for Regulations pursuant to the Acts. Since it is much more straightforward to amend regulations than laws, regulations provide greater flexibility in areas where future changes are likely to be required. Federal regulations are found at: http://laws.justice.gc.ca/en/search.html |
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Access to Justice Network This site is a useful supplement to the two listed above. However, unlike the Department of Justice sites referenced above, the Access to Justice Network shown below is not confined only to federal legislative material: http://www.acjnet.org |
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Federal Deposit Insurance
Canada Deposit Insurance Corporation (CDIC) is the federal crown corporation that provides deposit insurance to federally supervised deposit taking institutions. Premiums are paid by supervised institutions based on their deposits but includes a factor that takes account of their capital adequacy relative to liabilities. As an insurer part of the mandate of CDIC is to monitor risk, and so along with OSFI, CDIC has played an important role in the development of Canadian supervisory approaches, particularly the development of Standards of Sound Business and Financial Practices. CDIC is found at: http://www.cdic.ca |
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The Canadian Council of Insurance Regulators
The Canadian Council of Insurance Regulators (CCIR) has played an historic role in insurance supervision in Canada. Originally the organization was called the Association of Provinicial Superintendents of Insurance and the federal government only attended sessions as an observer. In the 1980's the organization was re-organized as the Canadian Council of Insurance Regulators and the federal government became a member. CCIR functions as a forum for discussion regarding marketplace and other issues of concern to the regulators and also works to harmonize insurance legislation and financial filings across the country. http://www.ccir-ccrra.org |
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Data
In Respect of Canadian Financial Institutions Specific data for Canadian insurance companies, as well as powerful analytical software, is available commercially from MSA Research Inc: www.msaresearch.com. |
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Department of Finance Canada The Department of Finance sets fiscal and monetary policy and is also responsible for setting policy with regard to federal financial supervision. The Finance Canada site provides helpful links to other departments of finance in Canada and other countries in the world: http://www.fin.gc.ca/links/PUBFINE.html#can |
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Links Relating to Provincial Supervision of Financial Institutions
As mentioned under "Canadian Federal Financial Institutions" above, provincial governments can incorporate non-bank financial institutions and are responsible for their supervision. However, in Canada matters of contract as well as most consumer protection issues fall under the jurisdiction of the provincial governments. This means that market regulation of all institutions other than banks, including federally supervised insurers, are subject to market regulation at the provincial level. Thus a federally supervised insurer still has to obtain a licence from each Canadian province in which it wishes to do business. Provincial governments are responsible for licensing all insurers doing business in their provinces, plus the licensing of agents and brokers, policy wordings and in some cases the regulation of premium rates.
Province of British Columbia Financial Institutions Commission
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Province of Alberta Treasury Department
Information on Alberta financial supervision, including the new Alberta Insurance Act (not yet proclaimed) on-line: http://www.finance.gov.ab.ca/business/insurance/index.html Province
of Saskatchewan Financial Services Commission |
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of Manitoba Consumer and Corporate Affairs In Manitoba the Superintendent's Office is within the Consumer and Corporate Affairs department. Information is available at: http://www.gov.mb.ca/finance/cca/firb/index.html Province
of Ontario Financial Services Commission |
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of Québec Autorit? des Marchés Financiers The Autorit? des marchés financiers is the regulatory body for Québec's financial sector. It protects consumers, enforces applicable regulations, and monitors financial markets. The web site is at http://www.lautorite.qc.ca/accueil.en.html Province
of Nova Scotia |
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Province of Prince Edward Island
The provincial government web site is at http://www.gov.pe.ca/infopei/index.php3?number=16944&lang=E Province of Newfoundland and Labrador
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Province of New Brunswick
The provincial government web site is at: http://app.infoaa.7700.gnb.ca/gnb/pub/DetailOrgEng1.asp?OrgID1=1461&DeptID1=45
The
Canadian Council of Insurance Regulators
The above heading is not intended to be an example of an oxy-moron.
Federal Government Departments |
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Postal Code Look-up
With "snail mail" in Canada you need to include the postal code with a street address if you want to have any degree of confidence that the material will actually arrive at its destination. Courier companies also require postal codes for delivery purposes. The site below at Canada Post gives you the postal code for any street address that you enter: http:http://www.canadapost.ca/tools/pcl/bin/default-e.asp
FIRST
Initiative Toronto
International Leadership Centre for Financial Sector Supervision
Until recently the focus has been on bank supervision but in 2000 the Centre is broadening its program to include insurance and securities supervision. Lawrie Savage serves on the Insurance Advisory Board. The Toronto Centre site is at: http://www.torontocentre.com |
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The Canadian Institute of Actuaries The Canadian Institute of Chartered Accountants The Canadian Institute of Actuaries is responsible for setting standards for the more than 2,200 professional actuaries comprising the profession in Canada. The actuarial and auditing professions in Canada are allocated important roles in the financial supervisory process, carrying out many of the tasks which make the Canadian risk based system highly functional, efficient and effective. Both professions work closely with the financial supervisors in the country to harmonize approaches to emerging issues and to contribute to the development of appropriate laws and regulations that bear on accounting, auditing and actuarial issues. The web sites for the two professional Institutes have a huge amount of useful information about Canadian standards in these areas. http://www.actuaries.ca/ http://www.cica.ca/ |
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Insurance Bureau of Canada (IBC)
The IBC is the trade association representing more than 120 private enterprise, general insurance companies and groups of companies in Canada. LS&A is an Associate member of the IBC. In Canada there is a tradition of both the IBC and CLHIA (below) playing an important role in the supervisory framework, primarily by working closely with legislators and regulators to provide constructive assistance in the development and evolution of insurance laws. IBC's web site includes much information that will be of interest and benefit to consumers, as well as material that is more relevant to IBC member companies: http://www.ibc.ca |
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Canadian Life and Health Insurance Association (CLHIA)
The CLHIA is the trade association for life and health insurers in Canada. Having become active in 1894, it is the oldest insurance organization in North America. In Canada there is a tradition of both the CLHIA and the IBC (above) playing an important role in the supervisory framework, primarily by working closely with legislators and regulators to provide constructive assistance in the development and evolution of insurance laws. The CLHIA web site is at: http://www.CLHIA.ca/ |
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The Canadian Bankers Association
The CBA is the trade association for the Canadian banking industry. Like the IBC and CLHIA, the association not only represents industry positions in discussions with Canadian regulators, but it also works closely with the regulators in a spirit of cooperation to help to develop effective legislation. Input from the Association helps to ensure that the legislation will be workable and not unduly burdensome to the industry, thereby keeping system costs (which will ultimately be borne by consumers) to a minimum. http://www.cba.ca |
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International Association of Insurance Supervisors (IAIS)
The more than 100 country members of IAIS have been successful in helping to bring a degree of harmonization to insurance supervision world wide, thus adding to financial stability and helping to ensure financial protection and fair treatment of policyholders. LS&A is an Observer Member of IAIS. Site map is at: http://www.iaisweb.org/ |
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National Association of Insurance Commissioners (NAIC)
NAIC is the organization representing insurance regulators in the United States. Members consist of the insurance departments in the various states, along with the District of Columbia and U.S. territories. Insurance is regulated at the state level in the U.S., differing from the Canadian situation which is explained above. NAIC as an organization seeks to harmonize insurance legislation across the states and in many cases puts forward draft legislation which can serve as a model for adoption by different states. NAIC has an extensive web site at: http://www.naic.org/ |
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Life Insurance Marketing Research Association (LIMRA)
LIMRA is almost 100 years old and provides marketing research information to more than 800 member organizations. However the LIMRA site also has interesting and useful information regarding life insurance marketing research that can be accessed by non-members. The site is at: http://www.limra.com/ |
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Life Office Management Association (LOMA)
LOMA has done an exemplary job over the years of providing educational training to members of the life insurance industry, mostly in the United States and Canada but increasingly internationally as well. Insurance supervisory personnel have also greatly benefited from LOMA training. The site is at: http://www.loma.org/ |
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Mr. Okubo's Amazing Web Site
This huge site is run by Makoto Okubo. There are links to many good information sources with regard to insurance supervision, changing insurance laws and related material, for United States, Canada and internationally. The site has the apt URL: http://www.insurance-finance.com/ |
| Other Stuff
Check
Out the Weather in Canada -- Satellite Views Because Canada is such a large country (2nd largest by area in the world,
although having a population of only 30 million), it has been a leader
in the development of weather satellite technology. This Environment Canada
site provides good views of Western Canada, Eastern Canada and beyond
from something like 20,000 miles above the earth. (If you only see blackness,
it may be night time in Canada!) http://weather.ec.gc.ca/canada_e.html
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Check Out the Weather in Space
Why not. It's here at: http://www.spaceweather.com/
Check Out Lawrie's Home Town
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| Make
a Free Donation to Help Fight World Hunger Clicking on this site automatically causes the site sponsors to donate 1.5 cups of food to help fight world hunger. http://www.thehungersite.com |
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To contact us: Lawrie Savage & Associates Inc. Phone:
(416) 362-3213
222 The Esplanade, Suite 201 |
