New Insurance Rules Coming Into Force
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.
“These changes better reflect what is going on in the industry,” Justice Minister and Attorney General Don Morgan said. “We had extensive consultations with industry associations, insurers and agents and have developed legislation that is flexible and modern, and enhances consumer protection.”
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 ombudservice 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.