REGINA — June 28 marks National Insurance Awareness Day (NIAD), serving as a reminder that informed decisions and guidance from licensed experts are key to protecting what matters most, experts say.
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) and the Insurance Councils of Saskatchewan (ICS) remind consumers to review their insurance coverage and ensure they are working with licensed insurers and insurance professionals, such as insurance brokers, agents and insurer's representatives.
"NIAD is an opportunity for consumers to pause and consider whether they have sufficient coverage to provide financial protection if a loss occurs ", FCAA Insurance and Real Estate Division Executive Director Jan Seibel said.
"Working with licensed insurance professionals ensures consumers receive trusted advice, appropriate coverage and the protection that comes from dealing with regulated experts, who can help you make informed decisions."
Insurance is a regulated industry in Saskatchewan, which means that professionals involved in selling and advising on insurance must be licensed. Licensed insurance professionals play an essential role in helping consumers:
- Assess whether their current policies provide sufficient protection.
- Understand the details, limitations and exclusions within their coverage.
- Update policies to reflect life changes and evolving risks.
- Connect with reputable, licensed insurers.
"Insurance needs can change over time, and National Insurance Awareness Day serves as an important reminder to regularly review your coverage," Insurance Councils of Saskatchewan Executive Director Denny Huyghebaert said.
"ICS encourages consumers to work with licensed insurance professionals who can help you understand your options and choose coverage that meets your needs."
On National Insurance Awareness Day, consumers are encouraged to:
- Take time to review their insurance policies.
- Consider how recent life changes may affect their coverage.
- Confirm they are dealing with a licensed insurance professional.
- Speak with a licensed insurance professional to ensure they have the right protection in place.
The FCAA protects consumer and public interests and supports economic well-being through responsive marketplace regulation. The FCAA regulates licensed insurance companies in accordance with The Insurance Act to ensure fairness, trust, and accountability in the insurance industry. To find out if an insurance company is licensed in Saskatchewan, visit the FCAA registration and licensing system, FCAA 411.
The Insurance Councils of Saskatchewan (ICS) is the delegated regulatory authority for insurance agents/agencies, brokers, adjusters/adjusting firms and third-party administrators in Saskatchewan. Under delegation from the Superintendent of Insurance, ICS licenses, sets standards, oversees compliance and enforces regulatory requirements. Visit: www.skcouncil.sk.ca for more information or to search for a licensed insurance professional or agency.
