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Established in 1964, it promotes and lobbies for the insurance industry to governments and the general public. [2] IBC member companies represent 90% of the Canadian property and casualty (P&C) insurance market. [2] Its member companies represent the vast majority of the Canadian property and casualty (P&C) insurance market. [3]
Corporations Canada is Canada's federal corporate regulator, operating under Innovation, Science and Economic Development Canada. It is responsible for administering laws regarding the incorporation of Canadian businesses as well as "corporate laws governing federal companies, except for financial intermediaries ."
Peel Mutual Insurance Company 1876 Brampton, Ontario The Personal Insurance Company: 1974 Lévis, Quebec Subsidiary of Desjardins: Pilot Insurance Company 1927 Founded in Waterloo, Ontario as the Pilot Automobile and Accident Insurance Company. Acquired by the Standard Accident Insurance Company of Detroit in 1930. Now part of the Aviva group.
It is the sole regulator of banks, and the primary regulator of insurance companies, trust companies, loan companies and pension plans in Canada. The current Superintendent is Peter Routledge, who was appointed in June 2021. He replaced Jeremy Rudin, who retired. The term of the appointment is seven years. [2]
Life insurance companies of Canada (2 C, 8 P) M. Insurance companies based in Manitoba (6 P) S. State Farm (2 C, 12 P, 2 F)
Wage controls during World War II led many companies to offer health insurance as a way of recruiting workers. In 1954, Congress exempted health insurance from taxation as federal income.
In 2007, the Government of Canada provided FCAC with an additional $3 million for the creation of the Financial Literacy Initiative. In 2009, new federal legislation gave FCAC oversight over payment card network operators. On July 11, 2010, amendments to the Financial Consumer Agency of Canada Act further expanded FCAC’s role in four areas:
On September 28, 2010, Fairfax purchased 41.3% of Gulf Insurance Co. (a Kuwait insurance company), for approximately $217 million. [ 41 ] First Mercury Financial Corporation , On October 28, 2010, Fairfax announced to acquire all of the outstanding shares of First Mercury common stock for approximately $294 million.