Exam (elaborations)
CIP C14 Auto - Chapter 12 - Regulation of Automobile Insurance in Ontario, Consumer Protection
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CIP C14 Auto - Chapter 12 - Regulation of Automobile Insurance in Ontario, Consumer Protection
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CIP C14 Auto - Chapter 12 - Regulation ofAutomobile Insurance in Ontario,
Consumer Protection
1. Who is responsible for the administration of insurance law in Ontario? -
CORRECT ANSWER-The Financial Services Commission of Ontario (FSCO)
2. What three elements are included in the government regulatory structure for
insurance? - CORRECT ANSWER-The Commission or Board, the Financial
Services Tribunal, The Superintendent of Financial Services and staff
3. Who is responsible for the automobile insurance dispute resolution system? -
CORRECT ANSWER-The Director of Arbitration
4. What is the function of the Superintendent of Financial Services? - CORRECT
ANSWER-Responsible for administering and enforcing the Financial Services
Commission of Ontario Act
5. What legislation contains provisions for consumer protection? - CORRECT
ANSWER-The Insurance Act
6. What powers exist under the Insurance Act with respect to obtaining
insurance-related information from persons licensed under the Act? - CORRECT
ANSWER-The Superintendent may at any reasonable time examine the books,
securities, documents and things related to the business of an insurer, agent or
adjuster.
7. What possible practices of insurers are included in the definition of unfair or
deceptive practices of insurers within the Insurance Act? - CORRECT
ANSWER-- The commission of any act prohibited under the Act or the
regulations
- Any unfair discrimination between individuals
- Any unfair discrimination in any rate or schedule of rates between risks
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