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Bill would allow captive insurance companies in Alberta



A bill introduced in the Alberta Legislature on Wednesday would allow the formation of captive insurance companies in the Canadian province.

Bill 76, Captive Insurance Companies Act, was introduced by Alberta's Treasury Secretary Travis Toews. 19659002] "Current global limitations in the range of insurance make it difficult for many commercial entities to obtain adequate coverage at a reasonable price," said Mr. Toews at a press conference where he introduced the legislation.

Allows alternative insurance options, such as captive insurance. , would support an increase in capital investment and job creation in the province and ultimately help to diversify the economy and benefit a variety of companies and sectors, said Mr. Toews.

Energy and large construction companies, members of an association such as. as an industry group, public utilities, project partnerships or economic development companies and large public entities are among the most likely to benefit, said Mr. Toews.

Insurance companies would be regulated by Alberta's head of insurance and be subject to capitalization and solvency requirements, he said. Details will be rolled out in the spring of 2022.

"We are looking at other jurisdictions such as British Columbia, Vermont and other jurisdictions in the world for appropriate capitalization and statutory requirements," said Mr. Toews.

British Columbia is currently the only jurisdiction in Canada that allows captive insurance.


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