Office of the Superintendent of Financial Institutions
The property and casualty (P&C) insurance industry in Canada provides coverage for all risks other than life, including automobile, property and liability insurance. Federal supervision encompasses insurers incorporated or continued under the Insurance Companies Act as well as foreign insurers who have been granted an order to insure in Canada risks. In general, OSFI conducts prudential reviews of the federally regulated insurers to determine their financial soundness, while the provinces regulate the licensing of insurers operating within their jurisdictions as well as the marketing of insurance products. The industry-funded, non-profit Property and Casualty Insurance Compensation Corporation (PACICC) will respond to claims of policyholders under most policies issued by P&C insurers, in the event of an insolvency of one of its members.