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ARTICLE · 19 JANUARY 2022

Captive Insurers: New Alberta Legislation Offers Additional Risk Management Option

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Risk management is an important part of governance planning for every business.

CanadaInsurance
Christine A. Viney
Christine A. Viney
Maruska Giacchetto
Maruska Giacchetto
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Risk management is an important part of governance planning for every business. Often, risk management means transferring risk to a third-party through the purchase of insurance. Recently, the Alberta Legislature created a different risk management option, which will allow companies to arrange insurance through related, purpose-built Alberta insurance companies which they own either directly or indirectly.

The Captive Insurance Companies Act  (CICA), has received Royal Assent and will come into force on Proclamation. The regulations, which will set out the details of how Alberta captive insurance companies will be formed, regulated and operated are expected in spring 2022 (Regulations). Alberta is the second province to introduce such legislation, after British Columbia.

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