Effective as of January 1, 2020, Saskatchewan’s new Insurance Act has come into force. The new Insurance Act was enacted by the Government of Saskatchewan on May 2015 and replaces prior legislation which was first enacted in 1913.
The new legislation is now available on the Publications Saskatchewan website, or you can access The Insurance Act and the Insurance Regulations through this post. Some of the highlights of this new legislation include:
- new market conduct standards;
- new licensing and supervision requirements for insurance distributors, such as new licensing categories for MGAs and third-party administrators; and
- expansion of the restricted insurance agent licensing regime related to the sale of insurance in conjunction with the sale of certain other products and services.
The new legislation will bring Saskatchewan’s insurance legislation into closer alignment with the regulatory regimes of the other western provinces British Columbia, Alberta and Manitoba.
In order to assist insurers and other industry stakeholders with the transition to the new legislation, the Financial and Consumer Affairs Authority of Saskatchewan (the “Regulator”) is developing guidelines and interpretation bulletins to communicate the Regulator’s expectations. The Regulator has developed the following guidelines and interpretation bulletins to date:
