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FCAA is Saskatchewan’s financial and consumer marketplace regulator.
If a person in Saskatchewan purchases insurance from an unlicensed insurer, Part XVII of The Saskatchewan Insurance Act (the “Act”) requires a report to be filed and a tax of ten percent of the premium to be submitted to the Saskatchewan Superintendent of Insurance, according to the following rules:
In cases where an unlicensed insurer refunds part of a premium to an insurance agent, an insured person is entitled to a proportionate refund on the tax paid.