LEGISLATION UPDATES INSURANCE REQUIREMENTS

Today, as part of an ongoing commitment to review and modernize Saskatchewan's financial services legislation, the Government introduced a Bill to update requirements of the insurance industry.

The Saskatchewan Insurance Amendment Act, 2003 removes or updates a number of unnecessary or outdated requirements. It also harmonizes Saskatchewan's legislation with the legislation of other jurisdictions.

"This Bill is part of an ongoing process to ensure that insurance legislation keeps pace with the changing demands of Saskatchewan consumers and businesses," Justice Minister Eric Cline said.

Provisions of the Bill include the elimination of deposit requirements for insurers, updated annual filing requirements for insurers, and an exemption for mutual benefit societies.

The Bill also provides added protection for consumers by requiring insurance agents that place insurance with unlicensed insurers to disclose the risks associated with this to consumers.

The legislation was developed in consultation with licensed insurers, other provincial regulators, industry groups, and consumers.

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For More Information, Contact:

Debi McEwen Justice Regina Phone: (306)787-6043 Email: dmcewen@justice.gov.sk.ca