Insurance Industry Participants
Requirements for Insurance with Unlicensed Insurers
Under certain circumstances, The Saskatchewan Insurance Act (“Act”) allows insurance to be placed with unlicensed insurers. In these instances, Part XVII of the Act requires a report to be filed, and a tax of 10% of premium to be submitted to the Saskatchewan Superintendent of Insurance as follows:
Insurance agents have additional responsibilities set out in Part XVII of the Act, and must ensure they comply with these requirements.
The insured is entitled to a proportionate refund of the tax paid if part of the premium paid to the unlicensed insurer is refunded.