Budget Implementation Act, 2009 (S.C. 2009, c. 2)

19.1 (1) The Chief Actuary of the Office of the Superintendent of Financial Institutions shall, no later than July 31, 2009, prepare and submit to the Minister a report on financial assistance provided under this Act in the loan year that ended on July 31, 2008.

Marginal note:Subsequent reports

(2) The Chief Actuary shall, no later than three years after the end of the loan year during which he or she previously submitted a report to the Minister under subsection (1) or under this subsection, prepare and submit to the Minister a subsequent report on financial assistance provided under this Act in the loan year or years since the last loan year covered by the previous report. The report shall cover a period that ends on the end of the loan year that precedes the submission of the report.

Marginal note:Contents of report

(3) The Chief Actuary shall include the following in a report made under this section:

• (a) an actuarial estimate of the current costs of financial assistance provided under this Act, and of revenues from that assistance;

• (b) an actuarial forecast of the costs of financial assistance that is to be provided under this Act for the 25 years that follow the last loan year that is covered by the report, and of revenues from that assistance; and

• (c) an explanation of all of the actuarial and economic assumptions and the actuarial methodology used in the preparation of the report.

Marginal note:Report to be laid before Parliament

(4) The Minister shall cause the report to be laid before the Senate and the House of Commons on the day after the day on which the report is submitted or, if that House is not then sitting, on any of the first 15 days afterwards that it is sitting.

12. (1) All obligations of a borrower in respect of a guaranteed student loan terminate if the borrower dies, and the Minister shall pay to any lender whose rights against the borrower are terminated under this section the amount of principal and interest determined in the prescribed manner to have been payable by the borrower on the day of the borrower’s death.

Marginal note:Undisclosed death of borrower

(2) If the borrower dies and notice of the borrower’s death is not received by the lender within 30 days after the day of death, then, despite subsection (1), the day on which the amount is determined in the prescribed manner to have been payable is a day that is fixed by the Minister in accordance with the regulations.

Marginal note:Disappearance of borrower

(3) If a borrower disappears under circumstances that, in the opinion of the Minister, raise a presumption that the borrower is dead, then all the borrower’s obligations in respect of a guaranteed student loan terminate on the day on which the Minister forms that opinion, and the Minister shall pay to any lender whose rights against the borrower are terminated under this subsection the amount of principal and interest determined in the prescribed manner to have been payable by the borrower on a day that is fixed by the Minister in accordance with the regulations.

Marginal note:Death of borrower before this subsection comes into force

(4) If, before the day on which this subsection comes into force, a borrower dies or the Minister forms an opinion under paragraph (2)(b) as it read immediately before that day, then all the borrower’s obligations in respect of a guaranteed student loan terminate on that day.

Marginal note:Date fixed is after this subsection comes into force

(5) However, if the Minister fixes a day under subsection (2) — as it read immediately before this subsection comes into force — that is later than the day on which this subsection comes into force, then the day that is fixed is the day on which the amount of principal and interest is determined in the prescribed manner to be payable under subsection (2) or (3).