Here's a breakdown:
* Each province/territory has its own insurance regulator: These regulators, like the Financial Services Regulatory Authority of Ontario (FSRA), are responsible for setting standards for car insurance companies, ensuring their solvency, and protecting consumers.
* There is no national regulator: While some national organizations like the Insurance Bureau of Canada (IBC) provide guidance and information, they don't have the power to set regulations.
* Regulations can vary significantly: This includes things like mandatory coverage requirements, pricing structures, and dispute resolution processes.
To find out more about car insurance regulations in your specific province/territory, you should consult the website of your provincial insurance regulator.
