Provincial & Territorial Regulation Authorities

Question 1

What does OSFI stand for?

Answer 1

Office of the Superintendent of Financial Institutions

4.1.1

Question 2

Name one responsibility of OFSI

Answer 2

• They determine the financial soundness of the federally incorporated life insurance companies

• Supervise federally regulated financial
institutions and pension plans to contribute to public confidence in the financial system

4.1.1

Question 3

TRUE OR FASLSE

OSFI is responsible for the licencing,
regulating and supervision of an insurance
agent’s practice

Answer 3

FALSE

OSFI is not responsible for the licensing, regulating and supervision of an insurance agent’s practice

4.1.2

Question 4

What is FSRA ?

Answer 4

• Financial Services Regulatory Authority of Ontario
• Provincial Regulation agency for Ontario

4.1.2.5

Question 5

What is the responsibility of FSRA?

Answer 5

Responsible for the licensing of life insurance agents, accident & sickness insurance agents and corporate agencies.

4.1.2.5

Question 6

FILL IN THE BLANK

FSRA was Established to replace __________.

Answer 6

Established to replace the Financial Services Commission of Ontario (FSCO).

4.1.2.5