The MFSA is a Special Operating Agency (SOA) of the Manitoba Government that reports to Cabinet through the Minister of Finance. The MFSA’s purpose is to protect Manitoba consumers of financial products while facilitating fair and efficient markets in Manitoba’s financial services sector. The MFSA is accountable to Manitobans for the actions it takes.
The Financial Institutions Regulation Branch (FIRB) provides regulatory oversight to the insurance sector, credit unions and caisses populaires and trust and loan companies operating in Manitoba, and ensures adequate standards are maintained to protect the public.
The Financial Institutions Regulation Branch was established in April 2000 through the amalgamation of two branches under the Department of Consumers and Corporate Affairs: the Insurance Branch and the Trust, Cooperatives and Credit Union Regulation Branch. In October 2012, FIRB was merged into the Manitoba Financial Services Agency (MFSA). FIRB is responsible for administering The Insurance Act, The Credit Unions and Caisses Populaires Act and Part XXlV of The Corporations Act.
On May 1, 2020, administration of the Cooperatives Registry was transferred from FIRB to the Companies Office (Manitoba Finance). Under The Cooperatives Act FIRB continues to remain responsible for the review of securities offerings and housing cooperative appeals.
FIRB regulates insurers, credit unions and the caisse populaire and trust and loan companies. This oversight work helps ensure adequate standards are maintained to protect the public, including:
Registering trust and loan companies operating in Manitoba.
Licencing insurers that operate in Manitoba.
Overseeing the Insurance Council of Manitoba, which licences agents, brokers and adjusters on a delegated basis.
Overseeing the credit union and caisse popularies system in Manitoba, including Deposit Guarantee Corporation of Manitoba.