Insurance companies

The Insurance Companies Act is the primary legislation governing all federally incorporated or registered insurance companies in Canada. FCAC is responsible for administering sections of the Act designated as consumer provisions, in addition to monitoring the financial institutions’ compliance with codes of conduct and public commitments.

The complete text of the Act can be seen on the Department of Justice Canada’s website. For your convenience, we also show the sections specifically related to consumer provisions below.

Insurance Companies Act

Sections related to consumer provisions:

• (c) Paragraphs 165(2)(f) and (g), subsection 469.1(3), sections 479 to 489.3, subsection 542.061(3) and sections 598 to 607.2 of the Insurance Companies Act together with any regulations made under or for the purposes of those provisions;
• (c.1) sections 1034 to 1045 of the Insurance Companies Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (c).

Green Shield Canada Act

Sections related to consumer provisions:

Subsection 469.1(3) as set out in paragraph 17(1)(f) of the Green Shield Canada Act and the provisions referred to in paragraph 17(1)(f.1) of that Act as they apply to Green Shield Canada in accordance with section 17 of that Act together with any regulations made under or for the purposes of those provisions.  

Insurance Companies Act Regulations

Code of conduct

Code of Conduct for Federally Regulated Financial Institutions: Mortgage prepayment information

The Code of Conduct is designed to ensure that enhanced information is available to assist borrowers in making decisions about mortgage prepayment.