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ARTICLE · 23 JANUARY 2018

Further Amendments Introduced To New Saskatchewan Insurance Legislation

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Saskatchewan has introduced legislation (Bill 73) which amends the provisions of the new Saskatchewan insurance legislation, The Insurance Act.

CanadaInsurance
Jill E. McCutcheon
Jill E. McCutcheon
Kelly Morris
Kelly Morris
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Saskatchewan has introduced legislation (Bill 73) which amends the provisions of the new Saskatchewan insurance legislation, The Insurance Act. The Insurance Act is expected to come into force sometime in 2018.

The following amendments are set out in Bill 73, which has not yet been passed:

  • Life insurance agents. The new legislation has been amended to delete the requirement that life insurance agents can only act for the company that sponsors their license unless they comply with certain prescribed requirements. The amendment will remove the restriction on the companies that life insurance agents represent.
  • Misconduct of insurance intermediaries. The Superintendent of Insurance will have the power to order restitution in the event of misconduct of insurance intermediaries (insurance agents, insurer's representatives, managing general agents and third party administrators).

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