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O. Reg. 65/07: ASSESSMENT OF EXPENSES AND EXPENDITURES

filed February 26, 2007 under Financial Services Commission of Ontario Act, 1997, S.O. 1997, c. 28

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ontario regulation 65/07

made under the

Financial Services Commission of Ontario Act, 1997

Made: February 21, 2007
Filed: February 26, 2007
Published on e-Laws: February 27, 2007
Printed in The Ontario Gazette: March 17, 2007

Amending O. Reg. 11/01

(Assessment of Expenses and Expenditures)

1. (1) The definition of “property and casualty insurance” in subsection 3 (1) of Ontario Regulation 11/01 is revoked and the following substituted:

“property and casualty insurance” means insurance other than accident and sickness insurance and life insurance. 

(2) Subsection 3 (2) of the Regulation is revoked and the following substituted:

(2) Words and expressions defined in section 1 of the Insurance Act or under section 43 of that Act have the same meaning in this Part.

2. Rules 13, 14, 15 and 16 of subsection 4 (1) of the Regulation are revoked and the following substituted:

13. If the insurer is licensed for accident and sickness insurance or for life insurance during the assessment period, calculate the assessment rate for insurers incorporated or organized under the laws of foreign jurisdictions that are licensed for accident and sickness insurance or for life insurance, in accordance with the following formula:

where,

EE = the assessment rate for insurers incorporated or organized under the laws of foreign jurisdictions that are licensed for accident and sickness insurance or for life insurance,

V = the amount to be recovered with respect to activities other than automobile insurance, calculated under rule 9,

FF = the total, for all insurers incorporated or organized under the laws of Ontario that are licensed for accident and sickness insurance or for life insurance during the assessment period, of all net premiums for accident and sickness insurance and life insurance in the year beginning on the January 1 immediately preceding the beginning of the assessment period,

GG = the total, for all insurers incorporated or organized under the laws of foreign jurisdictions that are licensed for accident and sickness insurance or for life insurance during the assessment period, of all net premiums for accident and sickness insurance and life insurance in the year beginning on the January 1 immediately preceding the beginning of the assessment period.

14. If the insurer is incorporated or organized under the laws of a foreign jurisdiction and is licensed for accident and sickness insurance or for life insurance during the assessment period, calculate the insurer’s share of the assessment for accident and sickness insurance and life insurance, in accordance with the following formula:

HH = II × EE

where,

HH = the insurer’s share of the assessment for accident and sickness insurance and life insurance,

II = the insurer’s net premiums for accident and sickness insurance and life insurance in Ontario in the year beginning on the January 1 immediately preceding the beginning of the assessment period,

EE = the assessment rate for insurers incorporated or organized under the laws of foreign jurisdictions that are licensed for accident and sickness insurance or for life insurance, calculated under rule 13.

15. If the insurer is incorporated or organized under the laws of Ontario and is licensed for accident and sickness insurance or for life insurance during the assessment period, calculate the insurer’s share of the assessment for accident and sickness insurance and life insurance, in accordance with the following formula:

JJ = KK × (EE + 0.0004)

where,

JJ = the insurer’s share of the assessment for accident and sickness insurance and life insurance,

KK = the insurer’s net premiums for accident and sickness insurance and life insurance in Ontario in the year beginning on the January 1 immediately preceding the beginning of the assessment period,

EE = the assessment rate for insurers incorporated or organized under the laws of foreign jurisdictions that are licensed for accident and sickness insurance or for life insurance, calculated under rule 13.

16. Calculate the sum of the following amounts that apply to the insurer:

i. The insurer’s automobile insurance share of the assessment, calculated under rule 8.

ii. The insurer’s property and casualty insurance share of the assessment, calculated under rule 11 or 12.

iii. The insurer’s share of the assessment for accident and sickness insurance and life insurance, calculated under rule 14 or 15.

3. This Regulation comes into force on the later of the following dates:

1. The date subsection 4 (1) of Schedule H to the Government Efficiency Act, 2002 comes into force.

2. The date this Regulation is filed.