The Government of Saskatchewan will be proclaiming The Insurance Act on January 1, 2020.
The new Act modernizes legislation, allowing Saskatchewan’s marketplace to deal with new and emerging issues in the rapidly changing insurance industry.
The new Saskatchewan insurance legislation:
incorporates new licensing and supervision requirements;
introduces separate licensing categories for managing general agents and third party administrators;
expands the restricted insurance agents licensing regime to permit the sale of insurance together with the sale of certain products or services (e.g. car rental companies or insurance for portable electronic goods);
outlines market conduct standards, introduces new fair practice provisions, and identifies unfair practices in order to protect consumers;
describes new complaint handling provisions, including a requirement to let consumers know about where they can take complaints and disputes such as to an ombud service or the Superintendent; and
moves toward further harmonization with other Canadian jurisdictions, primarily Alberta.
For more information about The Insurance Act visit https://fcaa.gov.sk.ca/regulated-businesses-persons/businesses/insurance-companies/regulations-for-licensed-insurers.