What is the purpose of the "Insurance Act" in Ontario?

The purpose of the "Insurance Act" in Ontario is to govern insurance practices and regulations. It establishes the legal framework for how insurance companies operate, including the rights and obligations of insurance providers and policyholders. The Act ensures that insurers adhere to specific standards, providing consumer protection and financial stability within the insurance industry. By regulating key aspects such as premiums, claims handling, and coverage requirements, the Insurance Act aims to create a fair and transparent environment for all parties involved in the insurance process.

Other options focus on different areas unrelated to the primary function of the Insurance Act. For example, vehicle sales fall under trade regulations, while public safety on the roads is managed by transportation laws and regulations. Accident investigations involve procedural rules distinct from the insurance regulatory framework, emphasizing the variety of legal disciplines in Ontario’s overall governance.