Insurance Amendment Act, SA 2022 c11
Amended
- Captive Insurance Companies Act, SA 2021 cC-2.4
- Insurance Act, RSA 2000 cI-3
Summary
The Insurance Amendment Act amends the Insurance Act of 2000 and the Captive Insurance Companies Act. Among other things, the Act reduces the cost for purchasing unlicensed insurance from 50% of the premium payable for unlicensed insurance to 10% and reduces the 50% financial penalty for the late payment of all charges and tax on unlicensed insurance to 10%.
The Act permits provincially licensed insurance companies that restricts its business to the business of reinsurance to enter into limited partnerships.
The Act also authorizes the President of Treasury Board and Minister of Finance to waive or reduce all or a portion of a penalty or related interest imposed on an insurer or reciprocal insurance exchange.
An extra-provincial captive insurance company may redomesticate to Alberta and is not required to merge, consolidate, transfer assets or engage in any other reorganization. A redomesticated captive insurance company has all the rights, privileges, immunities and powers, and is subject to all applicable laws, duties and liabilities of an Alberta captive insurance company. Further, to the extent permitted by the laws of Alberta, a redomesticated captive insurance company has all the rights, privileges, immunities and powers that it possessed prior to the redomestication and is responsible for all the liabilities and obligations for which it was responsible or liable prior to the redomestication.
In Force: On May 31, 2022