Links Relating to Provincial Supervision of Financial Institutions

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 
Here we can find information about British Columbia financial supervision plus extensive links to other government agencies: http://www.fic.gov.bc.ca

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 
In Saskatchewan it is the Financial Services Commission that supervises insurance companies. Information is available at http://www.sfsc.gov.sk.ca/

Province 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 
Ontario, like British Columbia, Quebec and the federal government at OSFI, have an integrated financial supervisor thorough the Financial Services Commission of Ontario (FSCO). The FSCO web site offers a considerable amount of information relating to Ontario supervision of financial institutions: http://www.fsco.gov.on.ca/

Province 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 
This department is responsible for insurance supervision in Nova Scotia through the office of the Superintendent of Insurance: http://www.gov.ns.ca/enla/insurance/

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 
The provincial government web site is at: http://www.gs.gov.nl.ca/cca/ip/

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 Canadian Council of Insurance Regulators 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://http://www.ccir-ccrra.org