Notable Categories of Life and Health Insurers in Canada

C

In Canada, the life and health insurance industry is regulated by the federal government and each province and territory. Life and health insurers in Canada can be categorized based on their legal status and licensing requirements.

A. Canadian Companies: Canadian companies refer to life and health insurance companies that are incorporated and operate within Canada. These companies are regulated by the federal government and the insurance regulatory bodies of the provinces and territories in which they operate. They must be licensed by the relevant regulatory bodies and comply with the regulations and standards set by these bodies.

B. Fraternal Benefit Societies: Fraternal benefit societies are non-profit organizations that offer insurance and other benefits to their members. These organizations operate on a mutual basis, with members contributing to a common fund that is used to provide benefits to members in need. Fraternal benefit societies are licensed and regulated by the insurance regulatory bodies of the provinces and territories in which they operate.

C. Reassurance Companies: Reassurance companies, also known as reinsurance companies, are companies that provide insurance to other insurance companies. These companies help insurers manage their risk by taking on a portion of the risk associated with insuring individuals or businesses. Reassurance companies are licensed and regulated by the federal government and the insurance regulatory bodies of the provinces and territories in which they operate.

D. Provincially Licensed Companies: Provincially licensed companies refer to life and health insurance companies that are licensed and regulated by the insurance regulatory bodies of the provinces and territories in which they operate. These companies may be subsidiaries of Canadian companies or foreign-owned companies that are licensed to operate in Canada.

Therefore, the answer to the question is C. Reassurance Companies, as they are not categorized as Life and Health insurers in Canada. Rather, they provide insurance to other insurance companies.