Alberta updates captives guidelines as interest grows

Alberta’s Superintendent of Insurance has updated two important guidelines related to licencing and capital requirements for the captive insurance industry, amid greater interest in captives in the state.

Alberta has quickly become a Canadian Captive hub since its Captive legislation was introduced on July 1, 2022. It has updated the Captive Insurance Company Licensing Guide and the Capital Guideline for Captive Insurance Companies.

According to law firm BLG there has been a sharp increase in market interest in Alberta association Captives as a structuring option. “From our experience, this is because creative solutions can be developed with this structure to mimic the Protected Cell Captive structures that are prevalent offshore. This is important in the absence of Protected Cell Captive legislation in Alberta…for now,” the firm wrote in a blog on its website.

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