O. Reg. 141/12: INSURANCE FUND

Workplace Safety and Insurance Act, 1997

ONTARIO REGULATION 141/12

Insurance Fund

Historical version for the period December 17, 2021 to December 31, 2021.

Last amendment: 864/21.

Legislative History: 338/13, 864/21.

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.

Note: On January 1, 2022, the day subsection 4 (2) of Schedule 6 to the Working for Workers Act, 2021 comes into force, section 1 of the Regulation is revoked and the following substituted: (See: O. Reg. 864/21, s. 1)

Sufficiency of insurance fund

1. (1) For the purposes of Part VIII of the Act, the day section 1 of Ontario Regulation 864/21 comes into force is the date prescribed under clause 100 (b) of the Act. O. Reg. 864/21, s. 1.

(2) For the purposes of Part VIII of the Act, a sufficiency ratio of 100 per cent is the amount prescribed under clause 100 (c) of the Act. O. Reg. 864/21, s. 1.

(3) The sufficiency ratio of the insurance fund shall be calculated by dividing the value of the insurance fund assets by the value of the insurance fund liabilities and shall be expressed as a percentage. O. Reg. 864/21, 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. 864/21, 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).

Note: On January 1, 2022, the day subsection 4 (2) of Schedule 6 to the Working for Workers Act, 2021 comes into force, section 2 of the Regulation is revoked and the following substituted: (See: O. Reg. 864/21, s. 1)

Prescribed amount

2. For the purposes of clause 97.1 (2) (a) of the Act, 115.1 per cent is the amount prescribed under clause 100 (f.1) of the Act. O. Reg. 864/21, s. 1.

3. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 141/12, s. 3.

Note: On January 1, 2022, the day subsection 4 (2) of Schedule 6 to the Working for Workers Act, 2021 comes into force, section 3 of the Regulation is revoked and the following substituted: (See: O. Reg. 864/21, s. 1)

Prescribed criteria

3. For the purposes of subsection 97.1 (4) of the Act, the following criteria are prescribed:

1. Whether, during the preceding year, a Schedule 1 employer has been convicted of an offence under the Act in a proceeding commenced under Part III of the Provincial Offences Act.

2. Whether, during the preceding five years, a Schedule 1 employer has been convicted more than once of an offence under the Act in a proceeding commenced under Part III of the Provincial Offences Act.

3. Whether, during the preceding year, a Schedule 1 employer has been convicted of an offence under the Occupational Health and Safety Act in a proceeding commenced under Part III of the Provincial Offences Act.

4. Whether, during the preceding five years, a Schedule 1 employer has been convicted more than once of an offence under the Occupational Health and Safety Act in a proceeding commenced under Part III of the Provincial Offences Act. O. Reg. 864/21, s. 1.

Timing of disbursements

4. For the purposes of subsection 97.1 (5) of the Act, the following requirements are prescribed:

1. Disbursements made under subsection 97.1 (1) of the Act shall be made within 90 days of the Board determining that it will distribute an amount of the insurance fund to Schedule 1 employers.

2. Disbursements made under subsection 97.1 (2) of the Act shall be made within 30 days of the Board determining that the amount of the insurance fund meets a sufficiency ratio that is equal to 125 per cent. O. Reg. 864/21, s. 1.