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

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:

  • Where the insurance from an unlicensed insurer is purchased through a licensed insurance agent, the insurance agent must submit the report and tax within 10 days after the end of the month; or
  • In all other cases, the Act requires the return and tax to be submitted “forthwith” upon entering the contract; the Superintendent has determined that 30 days is an acceptable time period from the date the contact was entered.

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.

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