Question

Tina, a new client, asks her agent about regulation in the insurance industry. Tina wants to know specifically whether there is an inter-jurisdictional agency to facilitate and promote an efficient and effective regulatory system in Canada to serve the public interest. What does Tina's agent tell her?

a. Canadian Life and Health Insurance Association (CLHIA)
b. Canadian Insurance Services Regulatory Organizations (CISRO)
c. Canadian Council of Insurance Regulators (CCIR)
d. Canadian Securities Administrators (CSA)

Answer 1

The Canadian Council of Insurance Regulators (CCIR) is the inter-jurisdictional agency in Canada that facilitates an efficient and effective insurance regulatory system serving the public interest.

Step-by-step explanation:

To answer Tina's question regarding whether there is an inter-jurisdictional agency that facilitates and promotes an efficient and effective regulatory system in the insurance industry in Canada, her agent would mention the Canadian Council of Insurance Regulators (CCIR). The CCIR serves the public interest by enhancing insurance regulation across Canada.

This council helps to ensure that the regulation of the insurance market is consistent across different jurisdictions within Canada.