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Question 1

The Insurance Companies Act

Answer 1

Deals with:

• Federal licensing and super vision of insurance companies
• Solvency standards for insurers

Question 2

Provincial and Territorial Insurance Act

Answer 2

Each province has their own insurance Act.

Question 3

The Insurance Act

Answer 3

• Sets out basic provisions of life insurance, accident and sickness insurance, fire insurance, and automobile insurance policies
• Prescribes the Statutory Conditions required to form part of each of these types of policies
• Also prescribes certain general rules applicable to all policies issued in the province or territory. (what constitutes a contract, basic content of a policy, grounds for voiding a policy, certain limitations of action)

Question 4

Highway Traffic Act

Answer 4

• registration and licensing of motor vehicles
• licensing of drivers
• Traffic control of vehicles on highways

Question 5

Regulations

Answer 5

prescribes details to statutory conditions

Question 6

Purpose of Stat. Conditions - A&S, Fire, and Auto policies

Answer 6

• Help to provide consistent approach to have their claims settled and bind the insured and insurer
• Establish certain rights and obligations for both parties
• Counteract temptation for insurers to create policies with ‘shady’ wording to avoid paying claims

Question 7

Stat. Conditions for Fire Policies (15)

Answer 7

• Misrepresentation
• Property of Others
• Change of Interest
• Material Change
• Termination
• Requirements After Loss
• Fraud
• Who May give notice and proof
• Salvage
• entry, control, abandonment
• appraisal
• when loss payable
• replacement
• action
• notice

Question 8

Purpose of PIPEDA

Answer 8

Personal Information Protection and Electronic Documents Act

- governs collection and use of personal information

Question 9

Insurance Institute of Canada (IIC)

Answer 9

• Education

Question 10

Chartered Insurance Professionals’ Society (CIPS)

Answer 10

• Advanced education

- Publishes emerging issues research papers

Question 11

Insurance Bureau of Canada (IBC)

Answer 11

• advocating industry positions
• Identifying and monitoring issues, developing policy positions, and responding to legal developments
• Staying on top of issues of strategic importance to the industry

Question 12

Institute of Catastrophic Loss Reduction (ICLR)

Answer 12

• initiative to reduce the human and financial cost of natural disasters

Question 13

Centre for Study of Insurance Operations (CSIO)

Answer 13

• Improving efficiency of broker distribution channel by overseeing the development, implementation and maintenance of technology standards and solutions

Question 14

Underwriters Laboratories of Canada (ULC)

Answer 14

Not for Profit
Operates labs and certification services for examination, testing, and certification of devices, materials, and services to determine their effect of fire, accident, and property hazards

Question 15

Insurance Brokers Association of Canada (IBAC)

Answer 15

Not for profit

National body of Canadas organized brokers. Aims to improve services provided by intermediaries

Question 16

Canadian Independent Adjusters’ Association (CIAA)

Answer 16

to provide leadership for Canadas independent adjusters through;

• advocacy
• education
• and recognized professional standards

Question 17

Canadian Insurance Claims Manager Association (CICMA)

Answer 17

organization of insurance company claims managers that promote a high standard of ethics in handling claims

Question 18

Facility Association

Answer 18

Non-profit
- “high risk”
- shared by all auto insurers in the province or territory
-