Ontario. Ministry of Financial Institutions

• Ministry of Financial Institutions

The Ministry of Financial Institutions was established on April 1, 1986, from the Financial Institutions Division of the Ministry of Consumer and Commercial Relations.

The structure of the new Ministry was such that the Superintendent of Insurance and the Superintendent of Deposit Institutions were in charge of the primary functions of the Ministry, while a number of administrative support branches existed which reported to the Deputy Minister. The Pension Commission of Ontario and the Ontario Securities Commission reported separately to the Deputy Minister, as did the Ontario Automobile Insurance Board during its brief existence.

Two significant administrative changes occurred within the Ministry of Financial Institutions between 1986 and 1993. The first occurred when the Ontario Insurance Commission was formed on May 29, 1990. The Commission assumed the responsibilities formerly held by the Superintendent of Insurance (and those branches reporting to the Superintendent) and the Ontario Automobile Insurance Board, although its responsibilities were expanded somewhat beyond those held by both predecessor bodies.

The second was the formation of the Ontario Automobile Insurance Review (AIR), which was announced by the Premier of Ontario in the 1990 Throne Speech. The review was responsible for developing a comprehensive reform of the automobile insurance system in Ontario, and establishing a corporation to implement and run a government funded insurance system. Essentially, the Review was a division of the Ministry, headed by a Deputy Minister. Within the division, two branches existed: a Corporate Services Branch and a Policy and Support Branch.

The Ministry of Financial Institutions was disbanded in February, 1993 when the Ministry of Finance replaced the former Ministries of Financial Institutions, Treasury and Economics, and Revenue.

The Ministry of Financial Institutions was responsible for regulating the market conduct of financial institutions in the province of Ontario, including credit unions, co-operatives, trust companies, and insurance companies (chartered banks, however, are not regulated by the provincial government). Regulation was aimed at protecting the consumer, ensuring confidence in the financial system, and maximizing the contribution of financial institutions to overall economic growth in the province.

No specific legislation was passed establishing the Ministry of Financial Institutions.

RAD: Rules for Archival Description, 2nd edn (2008)

2026-11-16: migrated to AtoM

Canadiana Name Authorities, 1996-12- 24

Archivist(s):
R. Anger