C16: The Business of Insurance - Chapter 5; The Regulatory Environment Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+

1. List 4 responsibilities of provincial regulators. : 1. Solvency 2. Market conduct 3. Affordability of insurance 4. Availability of insurance 2. State a responsibility of federal insurance regulatory authorities. : - monitoring solvency of federally incorporated insurers 3. What government department or regulatory body is responsible for insurance in your province? : Page 8-9 in the Guide 2 | P a g e 4. What major issues are addressed by provincial insurance legislation? : -compliance with provincial insurance legislation -solvency -jurisdiction licensing -licensing and supervising adjusters, brokers, and agents -approving classes of business -controlling an insurers advertising -reviewing insurance contract wordings -approving policy forms -enforcing underwriting eligibility criteria - overseeing claim settlement practices - overseeing electronic marketing of insurance - overseeing ethical, operational and trade practices of insures