New insurance act took effect New Year’s Day

A new set of insurance regulations came into effect on Wednesday.

The Insurance Act replaces the 40-year-old Saskatchewan Insurance Act.

Jan Seibel, the director of the real estate and insurance division of the province’s Financial and Consumer Affairs Authority, broke down the changes.

New consumer protections are a major part of the act.

“We’ve set out provisions on unfair practices, such as an express prohibition against false or misleading statements and false advertising,” she explained.

They’ve also banned aggressive tactics like pressuring people into buying insurance.

Regulations on selling insurance as a bundle with another item, like a rental car, have been loosened.

Overall, Seibel doesn’t think these are major or controversial changes.

“We’re not making any changes to the fundamental nature of insurance,” she said. “People still have their policies.”