Regulations for licensed insurers

Regulations for licensed insurers

On January 1, 2020 The Insurance Act was proclaimed into force, replacing The Saskatchewan Insurance Act. The Government of Saskatchewan has been working over the past few years to modernize the regulation of the insurance industry and to increase harmonization with other western provinces, resulting in the new legislation.
Consolidated versions of The Insurance Act and The Insurance Regulations are now available on the Publications Saskatchewan website.

Guidelines and Interpretation Bulletins

In order to assist with interpretation and implementation of the new 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:

•    Guideline No.: G1/2022 – When is a Warranty an Insurance Product (NEW)

This Guideline was developed to assist entities that offer warranties in Saskatchewan in determining whether their warranty product falls within the definition of “insurance” under The Insurance Act. If it does, the warranty provider may want to change the terms of its warranty or else it will need to submit an application to the Superintendent of Insurance for Saskatchewan to be licensed as an insurer in Saskatchewan.

•    Bulletin No.: B1/2022 – Restricted Insurance Agent Licensing (NEW)

This Bulletin was developed to provide clarification respecting eligibility for licensing of a business as a restricted insurance agent and the types of insurance products that may be sold by those businesses.  Additionally, it provides a list of the types of devices that would qualify as “portable electronic devices” and that would be covered by “portable electronic insurance” as set out in section 5-20 of The Insurance Regulations.

Previously Posted

•   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.
 
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

Insurance and Real Estate Division

Suite 601, 1919 Saskatchewan Drive

Regina, Saskatchewan S4P 4H2

Tel: (306)787-6700

Fax: (306)787-9006

Email: fcaa@gov.sk.ca

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