O. Reg. 141/12: INSURANCE FUND
filed June 5, 2012 under Workplace Safety and Insurance Act, 1997, S.O. 1997, c. 16, Sched. ASkip to content
ONTARIO REGULATION 141/12
made under the
WORKPLACE SAFETY AND INSURANCE ACT, 1997
Made: May 30, 2012
Filed: June 5, 2012
Published on e-Laws: June 5, 2012
Printed in The Ontario Gazette: June 23, 2012
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.
(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.
(3) The sufficiency ratio of the insurance fund as of the dates set out in subsection (2) shall be calculated by dividing the value of the insurance fund assets as of the date, as determined by the Board in accordance with accepted accounting principles, by the value of the insurance fund liabilities as of the date, as determined by the Board’s actuary in an actuarial valuation, and shall be expressed as a percentage.
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.
(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).
(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.
3. This Regulation comes into force on the later of January 1, 2013 and the day it is filed.