As of this week, insurance premiums in Saskatchewan will have the provincial sales tax applied, a measure introduced in the March provincial budget.

Originally set for July 1, the effective date for applying the premiums was bumped back to Aug. 1.

The PST now applies to self-insured group arrangements (ASOs) and individual permanent life insurance policies that take effect after the deadline.

Permanent individual life insurance policies that took effect before Aug. 1 will be exempt. Any endorsements — changes to life insurance policies — added to the life insurance premiums before Aug. 1 will also be exempt.

Prior to Aug. 1, Saskatchewan did not charge PST on insurance premiums.

The PST rate of six per cent will apply to all insurance premiums in the province, except for: