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
In 2015 the Government of Saskatchewan passed The Insurance Act, which modernizes the regulation of the insurance industry and improves consumer protection. This new legislation will increase harmonization with other western provinces and will replace The Saskatchewan Insurance Act, which has not undergone substantial revision for decades.
On June 22, 2017, The Insurance Regulations were filed with the Registrar of Regulations. These regulations are required in order to implement the new Act, and will come into effect when the new Act is proclaimed into force.
Research, interprovincial comparisons, consultations with industry participants along with reviews of national and provincial projects have led to the creation of the new legislation.
The Superintendent of Insurance will be recommending that The Insurance Act and The Insurance Regulations come into force on January 1, 2019. FCAA officials will be working toward the implementation of the new legislation throughout 2018 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 Act and Regulations.
For more information please contact:
Legal Counsel, Legal Branch
Financial and Consumer Affairs Authority of Saskatchewan
601-1919 Saskatchewan Drive
Regina, SK S4P 4H2