Canada’s Alberta government has proposed legislation that will aims to increase the province’s capacity.
canada-flagFinance Minister Travis Toews tabled the Insurance Amendment Act in the legislature earlier this week. The Act is intended as a follow-up to last December’s Captive Insurance Companies Act and will go into force by the summer of this year. According to the provincial government, if passed, the Act will make Alberta the first Canadian jurisdiction to allow licensed provincial insurance companies to focus solely on reinsurance business and use limited partnerships for boosting their capital needs.
