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ARTICLE · 25 NOVEMBER 2021

Captive Insurance Emerging In Alberta

McMillan LLP
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On October 27, 2021, the Alberta legislature introduced the Captive Insurance Companies Act[1] (the "Act"). If passed, the Act will expand insurance options for Alberta businesses; ...

CanadaInsurance
Darcy Ammerman
Darcy Ammerman
Ricki-Lee Williams
Ricki-Lee Williams
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On October 27, 2021, the Alberta legislature introduced the Captive Insurance Companies Act1 (the "Act"). If passed, the Act will expand insurance options for Alberta businesses; a positive development for those currently unable to find adequate insurance in the challenging insurance market.

A captive insurer is an alternative to the traditional insurance market. The defining characteristic of a captive insurer is that they are wholly owned by the entity they insure. For example, a parent company may create a captive insurer for the purpose of providing insurance to the parent company. Approximately 70 jurisdictions worldwide have some form of captive insurance scheme, although British Columbia is currently the only Canadian jurisdiction. Alberta's proposed legislation was developed with influence from British Columbia's legislation and other global schemes, as well as from best practices within the industry.2

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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