O. Reg. 141/12: INSURANCE FUNDSkip to content
Workplace Safety and Insurance Act, 1997
Consolidation Period: From January 1, 2014 to the e-Laws currency date.
This is the English version of a bilingual regulation.
Sufficiency of insurance fund
1. (1) For the purposes of Part VIII of the Act, the Board shall maintain the insurance fund in order to achieve partial sufficiency and sufficiency in accordance with this section. O. Reg. 141/12, s. 1 (1).
(2) The Board shall ensure that the insurance fund meets the following sufficiency ratios by the following dates:
1. 60 per cent on or before December 31, 2017.
2. 80 per cent on or before December 31, 2022.
3. 100 per cent on or before December 31, 2027. O. Reg. 141/12, s. 1 (2).
(3) The sufficiency ratio of the insurance fund as of each date set out in subsection (2) shall be calculated by dividing the value of the insurance fund assets as of that date by the value of the insurance fund liabilities as of that date, and shall be expressed as a percentage. O. Reg. 338/13, s. 1.
(4) The values of the assets and liabilities shall be determined by the Board in actuarial valuations made using actuarial methods and assumptions that are consistent with accepted actuarial practice for going concern valuations. O. Reg. 338/13, s. 1.
Plan, sufficiency of fund
2. (1) The Board shall submit the plan required under subsection 96.1 (1) of the Act to the Minister by June 30, 2013. O. Reg. 141/12, s. 2 (1).
(2) In the plan, the Board shall include the following information:
1. A description of the measures the Board will take to achieve partial sufficiency and sufficiency by the dates prescribed in subsection 1 (2).
2. An explanation of how the measures described in paragraph 1 will be used to achieve the sufficiency ratios prescribed in subsection 1 (2). O. Reg. 141/12, s. 2 (2).
(3) The plan and any revisions to the plan made by the Board under subsection 96.1 (3) of the Act must be approved by the board of directors of the Board. O. Reg. 141/12, s. 2 (3).
3. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 141/12, s. 3.