The short answer is yes, insurance companies (or underwriters) are highly regulated. The type of regulator that supervises a specific insurance company (underwriter) depends on whether that company is registered and operates on a provincial or federal basis. It’s probably no surprise that provincial insurance companies are supervised by provincial regulators and federal insurance companies are overseen by a federal regulator. In BC, the Financial Institutions Commission (FICOM), the regulatory agency of the Provincial Ministry of Finance is responsible for ensuring companies are property authorized. It supervises the solvency of companies, addresses market conduct issues; and maintains a registration system for companies operating in the province. Federally, the Office of the Superintendent of Financial Institutions (OSFI) supervises insurance companies. It has many of the same responsibilities as provincial regulators. In addition, OSFI also keeps track of broader issues that might have a negative impact on the insurance industry. Square One’s home insurance is underwritten by Mutual Insurance Company of British Columbia, which is a provincially registered insurance company serving BC, Alberta, Saskatchewan, Manitoba and Ontario.