Insurance companies in Canada are just like any other business: they have to follow along with rules and regulations set by a provincial and federal body.
Having an understanding of who manages insurance companies and how Calgary insurance brokers are impacted can be useful when it comes to measuring their legalities and filing complaints.
How Manages Insurance Companies in Calgary?
Federally, the Office of the Superintendent of Financial Institutions (OSFI) regulates and oversees the financial soundness and management of most P&C (Property and Casualty) insurance companies.
These regulators are called Superintendents of Insurance, and according to their website, they “conduct prudential reviews of the federally regulated insurers to determine their financial soundness, while the provinces regulate the licensing of insurers operating within their jurisdictions as well as the marketing of insurance products”.
However, each province has its own regulatory body that oversees, regulates and provides licenses for companies. Part of their roles include regulating insurance products and market conduct, such as underwriting, rating, claims, and marketing practices. The Alberta Superintendent of Insurance oversees the marketplace within the province.
Who Do I Complaint To About Calgary Insurance Companies?
Federally, the industry-funded, non-profit organization Property and Casualty Insurance Compensation Corporation (PACICC) will handle and respond to any claims of policyholders insured under P&C Companies. Their aim is to provide protection for policyholders and claimants.
In Alberta, individuals who have concerns about insurance companies can reach out to the Alberta Insurance Council or the Alberta Superintendent of Insurance. Both these departments work in tandem with the Alberta Treasury Board and Finance to handle any issues regarding insurance companies in Calgary.
However, the insurance brokers in Calgary at Lakeview Insurance can help you in solving your concerns regarding your insurance, be it auto, home, travel or life. We pride ourselves on offering all our clients straightforward, effective and comprehensive insurance plans, and assisting them with issues that arise.
Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected]