Consensual Agreement - Signature Risk Partners Inc.

The Insurance Councils of Saskatchewan (ICS) is issuing this bulletin to advise licensees of the publication of a fully executed consensual agreement entered into between ICS and Signature Risk Partners Inc. which has now been posted on the Canadian Insurance Regulators Disciplinary Actions (CIRDA) database.

Statutory Authority and Publication Requirement

Pursuant to section 10-17(1) of The Insurance Act:

The Superintendent may publish notices, reports, results of hearings, sanctions, decisions, orders and any other matter considered by the Superintendent to be in the public interest.  In this instance, ICS has determined that publication of the consensual agreement is in the public interest and consistent with its statutory mandate. 

Purpose of This Bulletin

Email bulletins are the primary form of communication between ICS and the insurance industry. They are intended to provide timely regulatory updates and to educate licensees on compliance expectations under The Insurance Act, The Insurance Regulations, and council bylaws.

This bulletin is issued for the purposes of:

• Transparency, by advising licensees of regulatory outcomes arising from enforcement activity;
• Specific deterrence, by reinforcing the consequences of non-compliance in the circumstances addressed in the agreement; and
• General deterrence and education, by reminding all licensees of their ongoing regulatory obligations and the importance of maintaining compliance at all times.

Compliance Expectations

ICS reminds all licensees that they are responsible for understanding and complying with all applicable legislative, regulatory, and bylaw requirements. Enforcement outcomes, including consensual agreements, reflect the seriousness with which ICS approaches its mandate to regulate in the public interest and to maintain confidence in Saskatchewan’s insurance industry.

Licensees are encouraged to review the published agreement and consider whether their own practices, controls, and oversight mechanisms are sufficient to ensure compliance with regulatory requirements.

Further Information

The published agreement is available on CIRDA here https://decisions.cisro-ocra.com/ins/skic/en/item/521793/index.do

Questions of a general nature regarding regulatory expectations may be directed to ICS staff by emailing us at compliance@skcouncil.sk.ca. Please note that ICS cannot provide legal advice or comment on the specifics of enforcement matters beyond what has been published.