CIP 011 Case Study \$-Regulatory Framework 3 Instructions: Please read the case study below and where words or phrases are shown in bold/underline print, match the number with the corresponding term on the answer sheet. Also, where blanks are shown you can do the same or fill in the appropriate term. Insurance Terminology Case Study You attend an Information session hosted by The Office of the Superintendent of Financial Institutions (OSFI). The speaker presenting the information talks about looking after people, therefore the focus of is solvency, market conduct/ affordability and availability of insuranee. He continues that Federal legislation is concerned with ensuring that the public is protected from the mismanagement of Insurance Company funds. Measures are taken to ensure companies remain and Federal rules apply to vrious insurance companies. Prerequisites to operation are mentioned and when everything is found in order the superintendent issues the green light for the company to start carrying on business. The speaker states that in man ways, foreign insurance companies have some of the same limitations and rules applying as Canadian companies. There is mention of insurers who incorporate and are licensed to operate only in a certain area, are subject to the federal regulator. regulator controls, similar to those of the The speaker adds that the conduct of insurance in Canada, is governed by legislation in various acts, such as an Act which deals with federal licensing and supervision of insurance companies and slvency standards for insurance. Another Act mentioned, relates to the requirements of proof of financial responsibifity and safety responsibility, found in automobile insurance. The speaker then mentions a section of the Insurance Act in each of the provinces and territories, that sets out regulations applying to A\&S, automobile, and fire insurance contracts. In Quebec these regulations are called He continues that a federal statute which says private information that is gathered for a particular purpose, can bnily be used for that purpose and adds that a happens when personal information is collected, used, or disclosed in violation of applicable privacy legislation. CIP 011-Study 3 Regulatory Framework Insurance Terminology Case Study \$ Scrambled Answers