Final answer:
The Real Estate Council of Alberta (RECA) is responsible for overseeing the premiums for the REIX, providing errors and omissions insurance for Alberta's real estate professionals.
Step-by-step explanation:
The organization that oversees the premium for the Real Estate Errors and Omissions Insurance Exchange (REIX) is the Real Estate Council of Alberta (RECA).
The RECA ensures that licensed professionals working in the real estate industry maintain professional standards and abide by regulatory requirements, which includes the administration of the REIX. The oversight on premiums is among its responsibilities, and through REIX, real estate professionals in Alberta are provided with mandatory errors and omissions insurance which is essential for risk management in their professional activities. The REIX acts as a mutual fund where members contribute to cover the costs associated with claims relating to professional liability.