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COVID-19 Updates: Taking steps to return to normal.
Taking action to diversify and improve insurance availability in Alberta.
Status: Bill 16 was introduced April 19, 2022.
Bill 76 received royal assent on December 2, 2021.
Ministry responsible: Treasury Board and Finance
We are committed to easing insurance shortages and high prices by expanding insurance options. Legislation changes will help increase insurance supply in the province.
Bill 16, the Insurance Amendment Act, 2022, would increase insurance capacity in the province by facilitating access to reinsurance and smooth relocation of Alberta owned captive insurance companies to the province.
The Captive Insurance Companies Act (formerly Bill 76) enables the formation of captive insurers as an alternative to the traditional insurance market to help relieve cost and availability pressures on Alberta businesses.
Captive insurance is an “in-house” insurance solution created and owned by an industrial, commercial or financial entity that can offer services when traditional insurers are unable to provide necessary coverage. A reinsurance company assumes the risk of insurance companies, including captive insurance.
If passed, Bill 16 will amend both the Insurance Act and the Captive Insurance Companies Act to:
The Captive Insurance Companies Act (formerly Bill 76) was passed in December 2021 to:
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