FCAA is Saskatchewan’s financial and consumer marketplace regulator.
The Saskatchewan insurance industry is regulated through a number of sources, including:
The law for Saskatchewan’s insurance industry is changing
The Government of Saskatchewan has been working to modernize the regulation of the insurance industry and improve consumer protection through a series of legislative initiatives including The Insurance Act, The Insurance Regulations, and The Insurance Amendment Act, 2017 and The Insurance Amendment Regulations, 2019.
This new legislation is a result of research, interprovincial comparisons, consultations with industry participants along with reviews of national and provincial projects. Our intent is that it will increase harmonization with other western provinces and that it will replace The Saskatchewan Insurance Act, which has not undergone substantial revision for decades.
The Superintendent of Insurance will be recommending that The Insurance Act and The Insurance Regulations come into force on January 1, 2020. FCAA officials will be working toward the implementation of the new legislation throughout 2019 in anticipation of the new Act coming into force on the recommended date. Further information regarding the transition will be provided as it becomes available. In the meantime, we encourage all licensees to become familiar with the new legislation.
For more information please contact:
Director, Insurance and Real Estate Division
Financial and Consumer Affairs Authority of Saskatchewan
601-1919 Saskatchewan Drive
Regina, SK S4P 4H2