Significant Changes To Insurance Regulation In Saskatchewan

The Saskatchewan government has set the stage for significant changes to insurance regulation in the province with the enactment of The Insurance Act on May 14, 2015. When the government proclaims The Insurance Act into force, it will completely replace the current Saskatchewan Insurance Act, a statute that was first introduced in 1913 and has remained relatively unchanged over the past century.

The Saskatchewan government's main goal in enacting The Insurance Act is to modernize the insurance industry, strengthen consumer protection and harmonize the province's insurance act with the insurance acts in place in Alberta and British Columbia. The Insurance Act is accordingly closely modeled on the provisions of Alberta's Insurance Act.