Regulations for licensed insurers

Regulations for licensed insurers

In Saskatchewan,  The Insurance Act and The Insurance Regulations provide the legislative framework for the regulation of the business of insurance.

Guidelines and Interpretation Bulletins

In order to assist with the interpretation of insurance legislation, the FCAA has developed guidelines and interpretation bulletins to help insurers and related industries understand our expectations. The following guidelines and interpretation bulletins have been posted:

New Guidelines:

Guideline No.: G1/2024 Fair Treatment of Insurance Customers Guideline (NEW)

Guideline No.: G2/2024 Elimination of Deferred Sales Charges (NEW)

Previously Posted Guidelines and Bulletins:

• Guideline No.: G1/2022 – When is a Warranty an Insurance Product
• Bulletin No.: B1/2022 – Restricted Insurance Agent Licensing
• Guideline No.: G1/2019 – Records to be Kept in Saskatchewan or approved location;(revised)
• Bulletin No.: B1/2019 – Notice of Dispute Resolution Process.

We will review these Guidelines and Bulletins and issue new ones as needed based on developments in the industry and any need for further clarification.
 

Additional Guidance for Provincial Insurers

Cybersecurity: The FCAA recognizes cybersecurity risks as increasing in frequency and severity for insurers and expects insurers to develop and implement cybersecurity procedures and controls. As such, the FCAA has developed a “Cyber Security for Prudentially Regulated Entities Guide” and a “Cyber Security Self-Assessment Questionnaire” that provincial insurers can use as a starting point to develop their own internal, customized cyber security policy and self-assessment checklist that is adaptable and tailored to best fit the cyber security risk environment of their organization and operations.

Update to OSFI P&C Forms effective January 1, 2023: To prepare insurers for the transition to IFRS 17 on January 1, 2023, OSFI has developed IFRS 17 compliant P&C forms and instructions. These should be used by every insurer in their quarterly and annual filings to our office. Please see further guidance in the following: Notice to Insurers