Associations & Organizations

Question 1

Insurance Bureau of Canada (IBC)

Answer 1

• National industry association representing private general/ p and c (property and casualty) insurers
• Voluntary membership
• Statistics
• Liaison to government
• Actuarial analysis to member companies
• Draft policy forms and monitor/ develop legislation - w/ government according to insurance act

-Provides consumer information, annual report

Question 2

Insurance Institute of Canada (IIC)

Answer 2

• Formed by provincial institutes
• Individual membership associations run by their elected officers
• Education programs, CIP/CAIB
• National exams, grading entries and awarding diplomas
• Career and industry information

Question 3

Insurance Brokers of Canada (IBAC)

Answer 3

• Non profit trade association
• Voluntary membership
• Develop and maintain licensing courses
• Liaise with government, business and consumer groups, insurance companies and industry organizations

-Aims to improve service, safeguard interests of intermediaries within Canadian society

Question 4

Insurance Advisory Organization (ICPB)

Answer 4

• One of Canada’s leading loss control firms
• Education
• Risk inspections
• Advisory rating services
• Operates loss control school for insurance and fire department personnel

Question 5

Property and Casualty Insurance Compensation Corporation (PACICC)

Answer 5

• Insurance for insurers
• Protects consumers in the event an insurance company goes bankrupt and claims cannot be paid
• Max $250,000 for all claims arising from single occurrence
• Refund up to 70% of unearned premiums, Max $700

Question 6

Underwriters Laboratories of Canada (ULC)

Answer 6

• Not for profit
• Operates laboratories and certification service for examination
• Testing and certification of devices, construction materials