The Saskatchewan Insurance Act

The Saskatchewan Insurance Act provides the legislative framework for the regulation of insurance companies and agents operating in Saskatchewan. All insurers operating in Saskatchewan, except those governed by other legislation, are required to comply with the Act.

The Act sets out certain standards that must be met by insurers, including:

• capital requirements;
• investment standards;
• mandatory reserve requirements; and
• mandatory membership in compensation plans that provide certain benefits in the event of insolvency of an insurer. Information about these plans may be found at Assuris and Property and Casualty Insurance Compensation Corporation (PACICC).

The Act outlines certain statutory responsibilities with respect to contracts of insurance and sets out certain requirements for:

• policy content;
• rights of policyholders; and
• administration of policies.

The Act describes the responsibilities, obligations and powers of the Superintendent of Insurance. The Superintendent:

• administers the Act;
• licenses companies that transact insurance in Saskatchewan;
• maintains a record of all insurers licensed in Saskatchewan;
• prepares an annual report summarizing the activities of insurers in Saskatchewan;
  investigates consumer complaints;
• conducts examinations and investigations to ensure compliance with the Act; and
• carries out any necessary enforcement of the Act.

The Superintendent has delegated to the General Insurance Council, the Life Insurance Council and the Hail Insurance Council (the "Councils") the responsibility for administering the Act with respect to agents and adjusters operating in Saskatchewan. The Councils are responsible for:

• licensing agents and adjusters;
• establishing bylaws governing the activities of agents and adjusters;
• conducting investigations and handling complaints regarding agents and adjusters; and
• conducting hearings on agent and adjuster licensing and disciplinary matters.

The Superintendent hears appeals from decisions of the Councils regarding agent and adjuster licensing and disciplinary matters.