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ARTICLE · 08 FEBRUARY 2021

2020 – Year In Review In Insurance

McCarthy Tétrault
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In 2020, there were numerous changes to regulation of the insurance sector in Canada, both in response to COVID-19 and in keeping with regulators' long-term plans.

CanadaInsurance
Nancy J Carroll
Nancy J Carroll
Hartley Lefton
Hartley Lefton
Hilary Smith
Hilary Smith
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In 2020, there were numerous changes to regulation of the insurance sector in Canada, both in response to COVID-19 and in keeping with regulators' long-term plans. This article provides a recap of some of the major changes that insurance companies and other industry participants should keep in mind in 2021.

1. REGULATORY CHANGES

Saskatchewan's New Insurance Legislation

The Insurance Act  (Saskatchewan) and its regulations came into force on January 1, 2020. The new Act created new licensing categories, new rules regarding fair and unfair practices, and rules regarding self-evaluative audits.

Licensing

The new legislation creates a licensing regime for insurance intermediaries, which now includes the concepts – and specific regulation – of managing general agents (MGAs) and third party administrators (TPAs). Saskatchewan is the first province/territory in Canada requiring a license to act as an MGA or TPA. An MGA is defined as an insurance agent that

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