The Automobile Accident Insurance (General) Amendment Regulations, 2024 (Saskatchewan Regulations 23/2024), established under the Automobile Accident Insurance Act, respond to the ongoing need for regulatory updates in the province’s insurance framework. These amendments aim to clarify definitions, streamline processes, and refine calculations within the insurance system.

A new section (3.2) introduces the term “rounded as necessary,” specifying that any financial calculations expressed in dollars should be rounded to the nearest cent. This precise definition is critical for ensuring consistency in financial dealings under the regulations. Several existing sections have been amended for clarity and efficiency. For instance, subsection 4(3) is repealed, and subsection 4(4) replaces “to the nearest dollar” with “as necessary,” further aligning calculations with the new definition. Additionally, specific financial descriptions related to calculations (BP, RF, and A) now include the phrase “rounded as necessary.”

Revisions have also been made to Section 5, which governs financial transactions related to insurance premiums. Amendments now allow for payments via credit card in addition to traditional methods through financial institutions. A new subsection (6.1) provides that if the election date falls after a specified date set by the insurer, the down payment can be calculated as $0 for certain vehicle classes. Furthermore, subsection (8.1) outlines monthly payment structures for holders under similar election conditions, mandating monthly installments plus a 4% finance fee.

In Sections 7 and 8, the phrase “to the nearest dollar” has been replaced with “as necessary,” aligning with the goal of refining financial calculations throughout the regulations. Section 12.1 introduces new subsections (4) and (5), allowing insurers to waive interest if deemed appropriate, especially if the costs of assessing and collecting the interest exceed the amount owed. This amendment aims to reduce administrative burdens and improve service efficiency. Similarly, subsection 20(2) has been amended to incorporate “as necessary,” ensuring consistency across the regulations.

Additionally, Section 21 introduces a new subsection (2.1), specifying that if an owner’s certificate is purchased after a specific date set by the insurer for designated vehicle classes, a $15 cancellation fee may apply. This amendment clarifies the financial implications of purchasing or canceling insurance and aligns with the regulatory framework’s objectives of transparency and clarity. In Section 29, subsection 29(6) revises how safety ratings are assessed for co-owners by replacing “points” with “safety rating” and reflects a calculation method based on the average safety ratings of co-owners to ensure appropriate allocation of discounts.

By refining definitions, updating financial calculations, and allowing for greater flexibility in payment options and administrative processes, these amendments improve the efficiency and transparency of insurance operations in the province.

Saskatchewan (23/2024) April 26, 2024