Tuesday, November 16, 2021
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Captive insurance coming to Alberta as new option for businesses

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EDMONTON, AB – Alberta could soon have a new type of insurance which the government says would create options for businesses.

Captive insurance is referred to as an “in-house” solution where the insurer is wholly owned by those it insures.

The proposed legislation aims to address what the province says is a lack of availability and high prices.

Finance Minister Travis Toews says their goal here is to help Alberta businesses insure their risks and enabling captive insurance would be an important step to attracting businesses and insurance capacity to the province.

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The captive insurance idea is getting support from industries across Alberta. In a statement, Gerald Wood with the Motor Dealers Association of Alberta says their members include over 90% of the franchised new vehicle and heavy truck dealerships in Alberta. “To have an option right here in Alberta to insure our members’ businesses is just good business.”

Captive insurance can be set up by entities in any sector of the economy which are looking for alternative insurance coverage. Right now, British Columbia is the only Canadian province which allows captives.

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Patrick Siedlecki

Pat has been a mainstay in the CJOC News department from the time the station launched in 2007. He’s been in the position of News Director since then and has been anchoring daily news casts as well as reporting and working behind the scenes.

Community is important to him and keeping CJOC listeners and readers informed about what’s happening across southern Alberta and beyond.

Pat has been in radio broadcasting for the past 24 years, starting in Port Alberni on Vancouver Island in 1997 and then moving up island to Nanaimo for another few years before heading to Lethbridge in 2007.

Pat grew up in the small Saskatchewan farming town of Foam Lake. After high school, he went to Western Academy Broadcasting College (WABC) in Saskatoon prior to moving to the island.

Pat also spent several years broadcasting hockey in the BCHL as well as seven years as the radio voice of the Lethbridge Hurricanes in the WHL.

Pat has been working at Cornerstone Funeral Home in Lethbridge as a Certified Life Celebrant and Funeral Assistant since 2016.

News and sports have always been Pat’s passion from the time he was a teenager and he’s always been grateful to have had the opportunity to make that part of what’s been a fun and long radio career!

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