Who is responsible for licensing insurance brokers and supervising insurance contracts?

The responsibility for licensing insurance brokers and supervising insurance contracts primarily lies with provincial governments. This is because insurance is regulated at the provincial level in Canada, allowing each province to establish its own regulatory framework and requirements for licensing insurance professionals.

Provincial governments create and enforce laws that determine how insurance businesses operate, including the qualifications needed for brokers and the standards governing insurance contracts. This localized oversight ensures that the unique needs and conditions of each province are taken into account, providing a tailored approach to insurance regulation.

The other options, while related to insurance in some capacity, do not hold the primary responsibility for these tasks. Federal government involvement in insurance is limited, as provinces have jurisdiction over insurance matters. Insurance industry associations typically focus on advocacy and setting ethical standards rather than direct regulation. Consumer protection agencies may address issues related to unfair practices or complaints but do not oversee licensing or contract supervision.