Newsrelease

August 12, 1998
Edmonton, Alberta

"Our goal for rewriting the Alberta Insurance Act is to continue to protect Alberta consumers with sound legislation that is comprehensive and flexible enough to accommodate the changes and the challenges of the coming millennium."

Province seeks feedback on proposed Alberta Insurance Act

Albertans are invited to review the proposed Alberta Insurance Act to make sure it addresses any issues or concerns they have regarding the insurance industry before the Act is introduced in the legislature next spring.

The Alberta government has undertaken a comprehensive revision of the existing Alberta Insurance Act, which was first passed in 1915. Though the legislation provided secure protection to Alberta policyholders, it has become less effective concerning new issues and the changing marketplace. In addition, Alberta has committed to taking a leadership role among provincial jurisdictions to harmonize its legislation with that of the federal government.

"It’s important that we write sound legislation now that meets the future needs of both policyholders and the insurance industry, and that ensures all parties are on a level playing field," said MLA Marlene Graham, who has taken a leadership role developing the proposed Act.

The government has consulted with industry representatives across Canada to prepare the draft legislation. Albertans are now being asked to review the proposed Act with respect to provisions that will regulate the financial operations of insurers and the distribution of insurance. A second phase of consultations, regarding insurance contracts, will begin in mid-1999.

The draft legislation and accompanying explanatory notes are available for review from the Queen’s Printer (E-mail qp@gov.ab.ca, phone 403.427.4952, fax 403.452.0668). If you are calling long-distance from outside Edmonton, dial the toll-free RITE operator at 310-0000 and ask to be connected to the numbers provided above.

For further information, please contact:

Shannon Taylor
A/Director of Communications
Alberta Treasury
(780) 427-5364
taylosha@treas.gov.ab.ca

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