The Insurance Councils of Saskatchewan (ICS) reminds all licensees of their obligations under The Insurance Act (Act), The Insurance Regulations (Regulations) and the ICS Bylaws:
Licensees must ensure they only transact with other properly licensed licensees. This duty is outlined by The Insurance Act:
Dealing with unauthorized insurance intermediaries
Section 7-2(1) of the Act states that no insurer, no officer, employee or agent of an insurer and no insurance intermediary shall, directly or indirectly, pay or allow, or offer or agree to pay or allow, any commission or other compensation or anything of value to any person acting or offering to act as an insurance intermediary in Saskatchewan, unless that person is authorized to act as an insurance intermediary pursuant to this Act.
Practical steps:
The Government of Saskatchewan has entrusted ICS to set and enforce standards of professional conduct in the insurance industry for the protection of consumers. Licensees benefit from a degree of self-regulation under the Act and Bylaws, but successful consumer protections requires the co-operation and support of all licensees.
If a licensee is aware of possible misconduct by a fellow licensee, such as someone who has acted or engaged in the business of insurance without a valid licence, they are encouraged to report their concerns to ICS in the interest of consumer protection.
For other examples of possible misconduct, see bylaw 4-1 of the General Insurance Council Bylaws and the Life Insurance Council Bylaws. Also review the Code of Conduct for further guidance.
How to report:
To report possible misconduct, contact ICS at compliance@skcouncil.sk.ca.