Summary
The Insurance Companies Act of Canada, enacted in 1991, sets out the obligations of businesses that operate as insurance companies in Canada. The act requires insurance companies to obtain a license to operate, to maintain a minimum level of capital and solvency, and to file financial statements with the Office of the Superintendent of Financial Institutions. Insurance companies must also comply with consumer protection regulations, such as providing fair and timely settlement of claims and disclosing information about policies and premiums. The act also establishes the regulatory framework for the supervision and enforcement of insurance companies in Canada.