Through its administration of The Insurance Act, FIRB is responsible for the licensing of all insurers operating in Manitoba, regulating insurers established in Manitoba and managing consumer and policyholder complaints with respect to insurers. Additionally, FIRB is responsible for insurance policy and recommendations for legislative changes. Harmonized legislative frameworks between jurisdictions are essential for insurers that often operate in many jurisdictions. Most of FIRB’s research is done in cooperation with the Canadian Council of Insurance Regulators and trade associations representing the insurance industry locally and nationally.

FIRB also licenses special insurance brokers that place unlicensed insurance.