Government of Saskatchewan
Thursday, December 05, 2019
Financial and Consumer Affairs Authority

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:

  • Submit a completed application form;
  • Provide all of the supporting materials described in the licensing kit;
  • Remit the $1000 initial review fee (first time applicants only);
  • Pay the required licence fee of:
    • for a fraternal society ... $ 1,500
    • for a mutual or co-operative insurance company, not registered under The Insurance Companies Act Canada) ... $ 1,500
    • for a reciprocal insurance exchange ... $ 3,000
    • for an underwriters agency ... $ 3,000
    • for an insurer to undertake reinsurance exclusively ... $ 3,000
    • for a Shareholder Corporation, sum of a basic fee of $3,000; and an additional fee of $3,000 to a maximum of $9,000 for each class of insurance (i.e. maximum fee = $12,000)
    • for and insurer who has discontinued undertaking contracts of insurance in Saskatchewan ... $1,500.

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.

Every Saskatchewan incorporated entity, and every reciprocal insurance exchange, seeking an initial licence should contact the office of the Superintendent of Insurance to discuss additional requirements.

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.

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