The Government of Alberta’s initiatives in support of reinsurance and captive insurance in the province, discussed in our post of April 20, 2022, will soon be fully in force.
Already in force, as of May 31, 2022, are the Bill 16 amendments that amend the Insurance Act to give Alberta reinsurers the ability to structure themselves as limited partnerships. Bill 16 also (among other things) adds “redomestication” provisions to the new Captive Insurance Companies Act that are intended to facilitate the relocation of foreign captives into Alberta.
In a related step, the Captive Insurance Companies Act has been proclaimed in force as of July 1, 2022, following the recent issuance of four Orders in Council creating the Captive Insurance Companies Regulation and other regulations.
