Financial Institutions – Manitoba Financial Services Agency

The Financial Institutions Regulation Branch of the Manitoba Financial Services Agency was established in 2000. It administers The Insurance Act, The Credit Unions and Caisses Populaires Act, and Part XXIV of The Corporations Act. Financial Institutions is also responsible for the administration of certain requirements of The Cooperatives Act, namely the functions that relate to the supervision of the financial matters of cooperatives, the issuing of securities by cooperatives, and appeals of membership terminations in a housing cooperative.

In addition, Financial Institutions oversees the Insurance Council of Manitoba in its delegated role to license and supervise the activities of insurance agents, brokers and adjusters. Financial Institutions also authorizes trust and loan corporations to conduct business in Manitoba and has ultimate oversight responsibility for the credit union and caisses populaires sector in Manitoba and specific oversight responsibility for the Deposit Guarantee Corporation of Manitoba (DGCM).

Insurance

Through its administration of The Insurance Act, the Financial Institutions Regulation Branch is responsible for licensing all insurers operating in Manitoba, regulates insurers established in Manitoba and manages consumer and policyholder complaints about insurers.

Insurers operating in Manitoba are expected to use the principles outlined in the Conduct of Insurance Business and Fair Treatment of Customers (Guidance), which was adopted jointly in September 2018 by the Canadian Council of Insurance Regulators and the Canadian Insurance Services Regulatory Organizations, to supervise the conduct of insurers and intermediaries. The Guidance can be found on the Canadian Council of Insurance Regulators website.

Financial Institutions is also responsible for policy related to insurance and for recommendations for legislative changes. Harmonized legislative frameworks between jurisdictions are essential for insurers that often operate in many jurisdictions. Most of Financial Institutions’ research is done in cooperation with the Canadian Council of Insurance Regulators and trade associations representing the insurance industry locally and nationally.

Financial Institutions also licenses special insurance brokers that place unlicensed insurance.