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Financial Institutions
Division |
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Bill 15,
The Saskatchewan Insurance Amendment Act, 2003 |
Bill 15, The Saskatchewan
Insurance Amendment Act, 2003 was introduced in the
Legislature on April 9, 2003. The changes outlined in this Bill
are part of an ongoing process to update Saskatchewan’s insurance
legislation. A number of the provisions are aimed at either
removing unnecessary requirements or updating outdated
requirements. These amendments include:
- moving the classes of insurance
from the Act to the regulations;
- eliminating mutual benefit
societies as a class of insurer that is required to be licensed
under the Act and providing an exemption from the Act for mutual
benefit societies;
- providing that no new provincial
or extra-provincial entities may obtain a licence as a fraternal
society but allowing existing provincial fraternal societies to
continue to be licensed;
- eliminating the deposit
requirements for insurers;
- eliminating some of the filing
requirements for insurers and harmonizing annual filing
deadlines with federal legislation;
- updating and clarifying the
annual filing requirements for provincial insurers;
- allowing the Saskatchewan
Superintendent of Insurance to accept electronic filings for
federal and extra-provincial insurers from third parties who
have information sharing agreements with the Superintendent;
- updating the requirements for
existing provincial fraternal societies, including requiring
provincial fraternal societies to provide their members with
copies of their insurance policies;
- updating the provisions
regarding reciprocal insurance exchanges and permitting the
details regarding the guarantee fund and reserve fund
requirements to be set out in the regulations;
- specifying that The Companies
Winding Up does not apply to all provincial insurers in the
case of liquidation; and
- requiring insurance agents who
place insurance with unlicensed insurers to provide disclosure
to consumers of the risks associated with dealing with
unlicensed insurers.
Additional information
concerning Bill 15 can be found at the following links:
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