Which level of government primarily enforces the regulations set by the Insurance Companies Act?

The Insurance Companies Act is primarily enforced by the federal government in Canada. This legislation is aimed at regulating insurance companies and ensuring that they operate in a financially sound manner while protecting policyholders. The federal government, through the Office of the Superintendent of Financial Institutions (OSFI), oversees these regulations, which include the licensing of insurance companies, solvency standards, and consumer protection measures. This federal oversight is important because insurance companies often operate across provincial borders, necessitating a consistent regulatory framework that the provincial or municipal governments may be ill-equipped to provide.

In this case, the option that correctly identifies the primary level of enforcement for the regulations set by the Insurance Companies Act is the federal government.