Alberta Superintendent of Insurance clarifies reinsurance of third-party risks by captive insurers

By Laurie LaPalme, Marisa Coggin and Jesse Collins-Swartz ( February 5, 2025, 1:39 PM EST) -- On Dec. 12, 2024, the Alberta Superintendent of Insurance (the Alberta Superintendent) issued Interpretation Bulletin 08-2024 (the bulletin). The bulletin outlines the Alberta Superintendent’s interpretation of ss. 27 and 28 of the Captive Insurance Companies Act (Alberta) (the Captive Act) in relation to captive insurers licensed in Alberta (Alberta Captives). It expands on the types of risks which may be reinsured by Alberta Captives to include “third-party” risks, provided certain conditions are met....