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| Financial Institutions
Division |
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Nov. 2007 |
Notification
of annual filing requirements for all insurers licensed in Saskatchewan
which are regulated by the Office of the Superintendent of
Financial Institutions (Canada) ("OSFI"), other than
reciprocal insurance exchanges.
Saskatchewan Filing Requirements –
Annual Return |
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Nov. 2007 |
Statistical
Report of the Superintendent of Insurance for the year ended
December 31, 2006 |
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Sept. 2007 |
Letter to all licensed trust,
loan, and financing corporations regarding cheque cashing
fees |
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June 2007 |
Proposed Framework 81-406 for
Point of Sale Disclosure for Mutual Funds and Segregated
Funds published for comment:
News Release
Backgrounder
Proposed Framework 81-406
Appendix 1 - Fund Facts for mutual funds
Appendix 2 - Fund Facts for segregated funds
Appendix 3 - Key Facts for segregated funds
Appendix 4 - Investor research and other sources
Appendix 5 - Research Strategy Group Fund Facts Document
Research Report
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June 2007 |
Bill 49,
The Mortgage Brokerages and Mortgage Administrators Act,
received Royal Assent on May 17, 2007. The Act will come
into force on proclamation. For more information, please
access the following link:
The
Mortgage
Brokerages and Mortgage Administrators Consultation |
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April 2007 |
The classes
of insurance established by section 2 of The Saskatchewan
Insurance Act (the “Act”) are not harmonized with the
classes of insurance authorized by the Office of the
Superintendent of Financial Institutions (Canada) (“OSFI”).
To assist applicants applying for licensing in Saskatchewan,
the following chart sets out the Saskatchewan insurance
class(es) that should be considered when applying for
licensing under the Act. To access the chart and view
additional licensing information, click the link below and
look under The Saskatchewan Insurance Act:
Licensing Kits |
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March 2007 |
Letter to remind all mortgage brokers to
direct Saskatchewan residents to authorized lenders |
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Dec. 2006 |
In July of 2004, the Financial
Institutions Division of the Saskatchewan Financial Services
Commission (“FID”) initiated a broad review of The Mortgage
Brokers Act with a view to modernizing the regulation of the
industries governed by that Act. As a result of this review, the
Department of Justice is considering the implementation of a new
Act, The Mortgage Brokerages and Administrators Act, 2007
(the “New Act”).
The Proposed Provisions respecting the New Act were
first sent for consultation in August, 2006. After considering
the comments provided, we are now requesting comments on
the revised provisions. For more
information, please access the following link:
Proposed Provisions: The Mortgage Brokerages and Administrators Act,
2007 |
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Nov. 2006 |
Statistical Report of the Superintendent of Insurance for
the year ended December 31, 2005 |
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Aug. 2006 |
In July of 2004, the Financial
Institutions Division of the Saskatchewan Financial Services
Commission (“FID”) initiated a broad review of The Mortgage
Brokers Act with a view to modernizing the regulation of the
industries governed by that Act. As a result of this review, the
Department of Justice is considering the implementation of a new
Act, The Mortgage Brokerages and Administrators Act, 2007
(the “New Act”). For more
information, please access the following link:
Proposed Provisions: The Mortgage Brokerages and Administrators Act,
2007 |
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June 2006 |
Effective July 4, 2006 Saskatchewan is adopting the
reliance model for reciprocal licensing of insurance
agents and brokers recently approved by regulators
with the Canadian Council of Insurance Regulators (CCIR)
and the Canadian Insurance Services Regulatory
Organizations (CISRO). Under the reliance model, a
host jurisdiction relies on most of the requirements
of the agent's or broker's home jurisdiction, but
could request that the agent or broker meet further
requirements specific to the host jurisdiction. The
CCIR-CISRO Reciprocal Licensing Standards Committee
worked with the insurance industry in developing the
model; a further step towards promoting increased
harmonization in provincial and territorial
insurance.
The reliance model also incorporates greater
harmonization for application forms for agents and
brokers and the initiative is intended to more
closely harmonize the requirements for continuing
education requirements and errors and omissions
insurance. It is intended to harmonize the
requirements faced by agents and brokers who are
licensed or want to be licensed in multiple
jurisdictions and by insurance companies with agents
in multiple jurisdictions. The application forms
are available at the CCIR website at
www.ccir-ccrra.org and you can contact the Life
or General Insurance Council of Saskatchewan (306)
347-0862 for further information.
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May 2006 |
Announcement regarding Ian
Stuart (aka "Ian Stuart-Smith", "John Harris", "John
Harrington") |
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March 2006 |
Calculation of Reserve
Fund and Guarantee Fund:
As part of the annual
return, reciprocal insurance exchanges must set out the
particulars respecting the reserve fund and guarantee
fund maintained by the reciprocal insurance exchange.
Please refer to the following worksheet to assist in the
calculation of the reserve fund and guarantee fund:
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Feb. 2006 |
The Canadian Council of Insurance Regulators
(CCIR) and the Canadian Insurance Services Regulatory
Organizations (CISRO) released Managing Conflicts of
Interest: A Consultation Paper on Enhancing and Harmonizing
Best Practices. This consultation paper contains 3
recommendations designed to promote consumer
confidence in the insurance industry. It is based on, and
should be read in conjunction with two earlier consultation
papers: Relationships between Insurers and Sales
Intermediaries released in June 2005 and Summary of
Responses: Achieving Best Practices released in November
2005.
A copy of the February 13, 2005 letter and
the consultation paper is found below:
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Dec. 2005 |
The Canadian Council of
Insurance Regulators (CCIR) is seeking stakeholder views on
a limited privilege and whistle-blower protection. Privilege
means that
documents created in the process of an insurer risk
self-assessment would not be required to be produced in
civil litigation. The whistle-blower protection is to
protect persons who volunteer information about an insurer,
insurance agent, insurance broker or insurance adjuster
engaged in wrongdoing or who inform the regulator of a
person or entity that should be licensed but is not.
A copy of the December 14, 2005
letter and the Discussion Paper is found below:
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Nov. 2005 |
Warning notice from
Lloyd's Underwriters |
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Nov. 2005 |
On November 4, 2005, the Canadian Council of Insurance
Regulators (CCIR) and the Canadian Insurance Services
Regulatory Organizations (CISRO) released the
Summary of Responses on the Consultation Paper on
Relationships between Insurers and Sales Intermediaries
–Achieving Best Practices
The Industry Practices Review Committee (IPRC) conducted
fact gathering through the questionnaires sent to insurance
companies in the fall of 2004, the questionnaires that the
Autorité des marchés financiers (AMF) and the Registered
Insurance Brokers of Ontario (RIBO) sent to agents and
brokers and the June 2005 discussion paper. The IPRC has
not made any recommendations during this fact gathering
stage.
This paper has been prepared by the IPRC to summarize the
comments received and provide analysis.
The IPRC will now be turning its attention to determine
whether any recommendations should be made to achieve best
practices in managing conflicts of interest in the insurance
industry.
A copy of the
November 4, 2005
letter, Executive Summary, and Summary of Responses paper,
is found below:
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Sept. 2005 |
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July 2005
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Letter to
credit unions dated July 22, 2005
In response to
a number of inquiries about the promotion of insurance
products by credit unions, the Registrar of Credit Unions
wrote to all Saskatchewan credit unions on July 22, 2005.
The Registrar’s letter:
- outlines the issues with respect to
tied-selling, promotion, employee loyalty programs,
referrals, MemberCare and Credential Financial Strategies
Inc.;
-
references specific sections of credit union
legislation with respect to the issues outlined; and
-
provides interpretation of the legislation
with respect to tied-selling and promotion of insurance.
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July 2005 |
Letter to mortgage brokers dated July
13, 2005
to:
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set out the
Superintendent’s expectation that mortgage brokers place
clients’ interests over the mortgage brokers’ own interests;
-
describe how The
Saskatchewan Insurance Act may impact any insurance
activities mortgage brokers undertake; and
-
provide notification of an
expected change to The Securities Act, 1988 that may
impact mortgage brokers’ operations.
The letter refers
to the
Principles and Practices for the Sale of
Products and Services in the Financial Sector issued
by the Joint Forum of Financial Market Regulators in
January, 2005. |
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June 2005 |
On June 3, 2005, the Canadian Council of Insurance
Regulators (CCIR) and the Canadian Insurance Services
Regulatory Organizations (CISRO) released a consultation
paper entitled Relationships Between Insurers and
Sales Intermediaries.
The
consultation paper was prepared by the CCIR/CISRO Industry
Practices Review Committee (IPRC). The IPRC was formed in
October of 2004 to ensure a coordinated national approach to
regulators’ review of insurance practices regarding the
relationship between insurers and sales intermediaries.
The IPRC is
welcoming the comments, suggestions and ideas of consumers
and insurance industry stakeholders regarding the issues
described in this consultation paper. The consultation
period will end on August 3, 2005.
A copy of the June 3, 2005
letter, Executive Summary, and consultation paper, can be
obtained at:
www.ccir-ccrra.org/publications
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| Feb. 2005 |
c. T-22 .2 Reg 1
The
Trust and Loan Corporations Amendment Regulations, 2005
came into force on February 3, 2005. Amendments include:
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| Jan.,
2005 |
The
Limitations Act, S.S. 2004, c.
L-16.1, will be
proclaimed in force on May 1, 2005. This act
provides for a basic limitation period of 2 years which
runs from discovery of the cause of action and an ultimate
limitation period of 15 years, except for persons under a
disability, and actions resulting from sexual assault and
certain other assaults.
Limitation periods contained in other stautues, including The
Saskatchewan Insurance Act and The Credit Union
Act, 1998, are in most cases being repealed. An
electronic version of The Limitations Act can be
found at the Saskatchewan Queen's Printer website: www.qp.gov.sk.ca |
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| Sept.,
2004 |
The
ninety-first annual report of the Superintendent of
Insurance for the year ended
December 31, 2003. |
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July, 2004 |
Consultation Paper Proposed Modernization of The Mortgage
Brokers Act (Saskatchewan) |
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Oct., 2003 |
Sections of
The Saskatchewan Insurance Amendment Act, 2003 S.S.
2003, c.38 were proclaimed in force on October 3, 2003.
These include sections 1 and 2, clauses 3(b),(d),(e),(g) and
a portion of 3(h), clause 3(i),(j),(l), sections 5 to 12,
subsections 13(1) and (2), sections 15 to 36, and 40 to 96,
and a portion of clause 97(c), clauses 97(d) and (e), and
sections 98 to 100.
Sections of
The Saskatchewan Insurance Amendment Act, 2003 S.S.
2003, c.38 have not yet been proclaimed. These include
clauses 3(a), (c) and (f), that portion of clause 3(h) which
repeals clauses 2(1)(p), (q), (r), (t), (u), (w), (bb),
(cc), (ff), (kk), (ll), (mm), (ww) and (bbb) of
The Saskatchewan Insurance Act, clauses 3(k) and
(m), section 4, subsection 13(3), sections 14, 37, 38 and
39, clauses 97(a) and (b) and that portion of clause 97(c)
which enacts clause 97(c.1). |
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| Oct.
2003 |
C. S-26 Reg 8
The Saskatchewan Insurance Regulations, 2003 came
into effect October 3, 2003. |
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Sept.5,2003 |
Consumers Cautioned About On-line Insurance Broker |
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April, 2003 |
Bill 15, The
Saskatchewan Insurance Amendment Act, 2003 was
introduced in the Legislature on April 9, 2003 |
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