Financial and Consumer Affairs Authority of Saskatchewan

FCAA is Saskatchewan’s financial and consumer marketplace regulator.

Regulations for licensed insurers

  • Regulations for licensed insurers

    The Saskatchewan insurance industry is currently regulated through a number of sources, including:

    Legislative Changes

    The Government of Saskatchewan has been working to modernize the regulation of the insurance industry to increase harmonization with other western provinces. We anticipate that The Insurance Act will come into force on January 1, 2020. At that time all insurers will be required to comply with the requirements of the new legislation. In order to assist with the transition to the new legislation the FCAA is developing guidelines and interpretation bulletins to help insurers understand our expectations. 

    The following guidelines and interpretation bulletins have been developed:

    The following guidelines and interpretation bulletins are in development:

    • Guidance regarding the Superintendent’s expectations for assessing compliance with section 7-26 of the Act when dealing with claims and complaints and filing materials with the Superintendent; 
    • Guidance clarifying the Superintendent’s interpretation of the operation of section 7-23 of the Act, as it applies to limitation periods. 

     

    Legislation

    Consolidated versions of The Insurance Act and The Insurance Regulations will not be available until the Act and Regulations are in force. In the meantime, here are the Act, the Regulations and the amendments that have been developed.

    When referencing the above, please note that the FCAA intends to recommend that the following provisions not be proclaimed into force on January 1, 2020 and that proclamation be delayed pending further industry consultations:

    • Clause (f) of the definition of “insurance agent” at subsection 1-2(1);
    • Subsection 5-79(2) – Recommendations for restricted licensee – life insurance; 
    • Section 7-16 – Trading in life insurance policies;
    • Section 7-19 – Further requirements re variable insurance contracts; and
    • Subsection 8-55(6) – Limits of motor vehicle liability policy.
       

    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

Agree Term