Insurance Act & Regulations
The Insurance Act is the legislative framework for insurance operations in Alberta.
About the Alberta Insurance Act
The Act governs the duties of insurance agents and adjusters; the licensing, governance, and reporting requirements of insurance companies in the province; market conduct; and more. It also establishes the policy requirements for automobile, general, life, and accident and sickness classes of insurance, and the statutory conditions to be included in every insurance policy.
In order to ensure compliance with the rules and regulations of the industry, it’s important that individuals understand what is allowable and prohibited when providing services as a licensed insurance professional. License holders, as well as prospective license holders, are encouraged to familiarize themselves with the Insurance Act to ensure they understand the legislative requirements to obtain and hold licenses.
You may view and/or purchase the Insurance Act, RSA 2000, Chapter I-3 and all of the Regulations under the Insurance Act on the Government of Alberta’s King’s Printer.
Commonly accessed Regulations
To help insurance intermediaries stay up to date on their license requirements, some of the most commonly accessed Regulations are below:
Adverse Contractual Action Regulation, Alberta Reg. 28/2015
Classes of Insurance Regulation, Alberta Reg. 144/2011
Fair Practices Regulation, Alberta Reg. 128/2001
Insurance Agents and Adjusters Regulation, Alberta Reg. 122/2001
Insurance Councils Regulation, Alberta Reg. 126/2001
Miscellaneous Provisions Regulation, Alberta Reg. 120/2001
Replacement of Life Insurance Contracts Regulation, Alberta Reg. 127/2001
Are you also familiar with the Industry Councils’ codes of conduct?
The Industry Councils (General Insurance Council, Independent Adjusters’ Council, and the Life Insurance Council) have each established a Code of Conduct that outlines the minimum standard of conduct expected of agents, brokers, and independent adjusters when dealing with clients, insurers, claimants, the public, and other stakeholders that rely on their services.
Alberta agents and adjusters are encouraged to read each code of conduct to ensure they are conducting themselves using the principles of behaviour expected of a qualified, licensed insurance professional.