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Insurance Companies Assessed Expenses Recovery Regulations (SOR/99-182)

Regulations are current to 2024-11-26

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Insurance Companies Assessed Expenses Recovery Regulations

SOR/99-182

INSURANCE COMPANIES ACT

Registration 1999-04-15

Insurance Companies Assessed Expenses Recovery Regulations

P.C. 1999-649  1999-04-15

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 692Footnote a and paragraph 703(a) of the Insurance Companies ActFootnote b, hereby makes the annexed Insurance Companies Assessed Expenses Recovery Regulations.

Interpretation

1 In the French version of these Regulations, société has the meaning assigned to it by section 663 of the Insurance Companies Act.

Reduction of Assessments

2 Money in an amount equal to or less than $1,000,000 that is paid to or recovered by Her Majesty in any period beginning on April 1 in any year and ending on March 31 in the next year under section 691 of the Insurance Companies Act or paragraph 161(1)(d) or (6)(c) or subparagraph 161(8)(b)(iv) of the Winding-up and Restructuring Act in respect of a company, society, foreign company or provincial company shall be applied on a pro rata basis to reduce the assessments under section 23 of the Office of the Superintendent of Financial Institutions Act against companies, societies, foreign companies and provincial companies that have been assessed under subsection 687(1) of the Insurance Companies Act in respect of that company, society, foreign company or provincial company.

Payment

  • 3 (1) Subject to subsections (2) and (3), money in an amount greater than $1,000,000 that is paid to or recovered by Her Majesty in any period beginning on April 1 in any year and ending on March 31 in the next year under section 691 of the Insurance Companies Act or paragraph 161(1)(d) or (6)(c) or subparagraph 161(8)(b)(iv) of the Winding-up and Restructuring Act in respect of a company, society, foreign company or provincial company shall be paid on a pro rata basis to the companies, societies, foreign companies and provincial companies that have been assessed under subsection 687(1) of the Insurance Companies Act in respect of that company, society, foreign company or provincial company.

  • (2) Expenses incurred to find a company, society, foreign company or provincial company in respect of which a payment is to be made, or to find its successors or beneficiaries, shall be deducted from the amount payable to that company, society, foreign company or provincial company.

  • (3) No payment shall be made if the amount of the payment would be less than $10.

4 If a company, society, foreign company or provincial company in respect of which a payment is to be made, or its successors or beneficiaries, cannot be found after reasonable attempts have been made to do so, the amount of the payment determined under section 3 shall be applied on a pro rata basis to reduce the assessments under section 23 of the Office of the Superintendent of Financial Institutions Act against companies, societies, foreign companies and provincial companies.

Coming into Force

5 These Regulations come into force on the day on which they are registered.

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