Who is responsible for the administration of the provincial Insurance Act?

The Superintendent of Insurance is the designated authority responsible for the administration of the provincial Insurance Act. This role involves overseeing the regulation of insurance companies and ensuring they comply with the laws and regulations set forth in the Insurance Act. The Superintendent monitors the financial stability of insurers, reviews policy forms, and handles consumer complaints, thereby safeguarding the interests of policyholders and ensuring a fair insurance market.

The other options, while involved in the insurance industry, do not have the same level of administrative authority regarding the Insurance Act. The Minister of Finance is more focused on broad fiscal policies and may have influence over insurance regulations but does not directly manage the day-to-day administration. The Insurance Ombudsman primarily deals with resolving disputes between consumers and insurers, providing a means for complaint resolution rather than overseeing regulatory compliance. The Provincial Council of Brokers represents the interests of insurance brokers and may participate in forming regulations but is not responsible for administering the Insurance Act itself.