Financial InstitutionsThe Financial Institutions Division licenses 256 insurance companies which operate in the Province as well as 5000 individual insurance agents, brokers and adjusters and 500 agencies, brokerages and adjuster firms. The division also regulates the operations of credit unions, trust and loan companies The division responds to approximately 400 documented complaints and about 5,000 enquiries annually which are predominantly insurance related. Complaints may lead to investigations into the activities of licensees which may result in disciplinary actions as well as referrals to police authorities. The division administers the collection and verification of $34 million in insurance premiums tax annually and administers the collection of a levy on all auto insurers of about $10 million for the Department of Health. Contact InformationAdministration: Halifax Office 380 Kings Road Sydney, NS Phone: (902) 563-3700 Fax: (902) 563-3399 Nova Scotia Insurance Review Board Or contact an Access Nova Scotia Centre in your area.
Office of the Superintendent of InsuranceThe Office of the Superintendent of Insurance regulates the business of insurance in the province and enforces the Insurance Act. We license all insurers operating in the province and all insurance agents/brokers, agencies, and adjusters. The Office is frequently sought out by the insured who often find it difficult to understand positions taken by the industry respecting such things as claims, premium ratings and underwriting decisions. Insurers and brokers call upon the office for interpretation of the Insurance Act and regulations. The Superintendent's Office facilitates the interface between consumers and the insurance industry by working toward a responsive legislative framework for insurance companies and agents and by assisting insurance consumers in dealing with insurance matters. However, the Superintendent's Office is not responsible to settle insurance claims and has no authority to direct a particular action to be taken in settlement of a claim. The Superintendent has the authority to take disciplinary actions if the Act is not followed. |
||
|
Back to top of page
This page and all contents Crown copyright
© 2006, Province of Nova Scotia, all
rights reserved. |