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C16_ The Business of Insurance - Chapter 5; The Regulatory Environment
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C16_ The Business of Insurance - Chapter 5; The Regulatory Environment
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C16: The Business of Insurance - Chapter5; The Regulatory Environment
1. List 4 responsibilities of provincial regulators. - CORRECT ANSWER-1.
Solvency
2. Market conduct
3. Affordability of insurance
4. Availability of insurance
2. State a responsibility of federal insurance regulatory authorities. - CORRECT
ANSWER-- monitoring solvency of federally incorporated insurers
3. What government department or regulatory body is responsible for insurance
in your province? - CORRECT ANSWER-Page 8-9 in the Guide
4. What major issues are addressed by provincial insurance legislation? -
CORRECT ANSWER--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
5. What do regulators control about insurer advertising? - CORRECT
ANSWER-How the insurer's name must appear in advertising, on the policy
, agreement, and in correspondence. Oversees to ensure that advertising and
other business practices are fair
6. What event in New York cause Canadian insurance regulators to look closely
at the practices of insurance intermediaries? - CORRECT ANSWER-Widespread
bid rigging in the insurance industry
7. Identify 4 areas that have been the subject of privacy-related complaints for
the insurance industry. - CORRECT ANSWER-1. Requests for access
2. Use and disclosure of information
3. Collection without consent
4. Wording of companies' consent
8. Why do provincial regulators impose rate and product-related filing
requirements on automobile insurers? - CORRECT ANSWER-Ensure that
consumers are treated uniformly and therefore more fairly
9. What is the Office of the Superintendent of Financial Institutions (OSFI)? -
CORRECT ANSWER-The primary regulator of federally chartered Canadian and
foreign property and causality insurance companies
10. What is the mission of OSFI? - CORRECT ANSWER-to protect the interest of
depositors, policyholders, pension plan members and creditors of financial
institutions from undue loss, and to advance and administer a regulatory
framework that contributes to public confidence in a competitive financial system.
11. What are the regulatory functions of OSFI? - CORRECT
ANSWER-Developing and interpreting legislation and regulations, issuing
guidelines, and approving requests as required under the financial institutions
legislation
12. What are the supervisory functions of OSFI? - CORRECT
ANSWER-Assessing the safety and soundness of the institutions under its
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