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Saskatchewan regulates sale of incidental insurance


May 17, 2010   by Canadian Underwriter


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Saskatchewan has passed a new set of regulations targeting the sale of incidental insurance by unlicensed insurance agents.
The Saskatchewan Insurance Act Amendment Regulations 2010 specify types of business entities allowed to be licensed to sell insurance through unlicensed employees, and the types of insurance they are allowed to sell.
The regulations come into effect on Sept. 1, 2010. The Insurance Councils of Saskatchewan intends to begin implementation of the licensing regime by the end of 2010 Q3.
The licensing model is based on Alberta’s restricted licensing model, a bulletin from Saskatchewan Financial Services Commission says.
The list of the types of businesses allowed to sell insurance through unlicensed employees includes the following:
•    the operator of an automobile dealership may apply for a license to sell equipment warranty insurance, creditor’s disability insurance, creditor’s life insurance, creditor’s loss of employment insurance;
•    the operator of a farm implement dealership or a construction equipment dealership may apply for a restricted license to sell equipment warranty insurance,  highway transport vehicle gap insurance, highway transport vehicle payment insurance, among others; and
•    a transportation company may apply for a restricted licence to sell travel insurance and cargo type insurance.
A complete list can be viewed at http://www.sfsc.gov.sk.ca/financial/whatsnew.shtml.


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