Insurance Industry Participants
How To Apply to be a Licensed Insurer
The Saskatchewan Insurance Act (the “SIA”) provides the legislative framework for the regulation of insurers transacting insurance in Saskatchewan. Insurance licenses expire 5 years after they are issued, and must be renewed if the insurer is continuing to transact insurance in Saskatchewan.
If you are seeking a licence as an insurer, you must:
The classes of insurance under the SIA are not harmonized with other jurisdictions. The document Saskatchewan classes of insurance referenced to OSFI classes will assist in selecting the appropriate classes of insurance.
Renewal Licence Applications
Applications for renewal of an insurance licence may be made using the Canadian Council of Insurance Regulators Application for Insurer’s Licence form. In the case of renewals, the applicant only needs to complete the statutory declaration, Parts A, B, C, and Appendices II and III (only if there has been any change) of the form, as well as calculate the renewal fee based on the information in Appendix IV.