What is the main role of the Insurance Council in Manitoba?

The primary role of the Insurance Council in Manitoba is to regulate and license insurance agents and brokers. This regulatory body ensures that individuals working in the insurance industry meet specific educational and ethical standards, thereby fostering professionalism and integrity within the market. By licensure, the Council helps to maintain consumer trust and protects the public by overseeing the conduct of insurance professionals. This regulatory oversight is crucial as it ensures that agents and brokers are competent and compliant with the laws governing their practices, which contributes to a fair and orderly insurance marketplace.

In contrast, selling insurance products is a function performed by agents and brokers themselves, rather than the regulatory body. Financial support for insurance companies falls under the purview of operational aspects related to the companies and does not align with the Council's regulatory functions. While advising consumers is an essential aspect of improving consumer awareness, it's not the primary responsibility of the Insurance Council; rather, consumer advocacy organizations or individual agents play a more direct role in providing such advice.