Power Corporation Insurance Act, R.S.O. 1990, c. P.19, Power Corporation Insurance Act

Power Corporation Insurance Act

R.S.O. 1990, CHAPTER P.19

Note: This Act was repealed on April 1, 1999. See: 1998, c. 15, Sched. E, ss. 29, 52.

Amended by: 1998, c. 15, Sched. E, s. 29.

Definitions

1. In this Act,

“Corporation” means Ontario Hydro; (“Société”)

“insurance corporation” means a corporation licensed to transact the business of insurance and enter into contracts for insurance in Ontario under the Insurance Act; (“compagnie d’assurance constituée en personne morale”)

“municipal authority” means a municipal corporation or commission distributing electrical power or energy in a municipality. (“organisme municipal”) R.S.O. 1990, c. P.19, s. 1.

Agreement between Corporation and municipal authority

2. (1) The Corporation may enter into an agreement with any municipal authority or group of municipal authorities authorizing the Corporation to contract with an insurance corporation or with Her Majesty pursuant to the Government Annuities Act (Canada) being chapter G-6 of the Revised Statutes of Canada, 1970 for insurance for the employees of such municipal authority or municipal authorities by way of service annuities, income annuities or death or disability benefits or such other benefits as may by the Corporation be considered expedient and for payment by the municipal authority or authorities of the cost of such insurance and the cost of or incidental to the administration and operation of the contract, and any other expenses incurred or for which the Corporation may be liable in connection therewith.

Agreement with insurance corporation

(2) The Corporation on behalf of any such municipal authority or group may, with the approval of the Lieutenant Governor in Council, enter into an agreement with an insurance corporation or with Her Majesty pursuant to the Government Annuities Act (Canada) for providing insurance for the employees of such municipal authority or group by way of service annuities, income annuities or death or disability benefits, or such other benefits as may by the Corporation be considered expedient, and for the enforcement of any such contract and for the administration of its operation by the Corporation or by any other person or corporation on behalf of such municipal authority or group.

Power to amend

(3) Despite subsection (1) or any agreement made thereunder, the Corporation, with the approval of the Lieutenant Governor in Council, may enter into further agreements with any such insurance corporation or with Her Majesty pursuant to the Government Annuities Act (Canada) varying, adding to or modifying as the Corporation considers necessary or advisable any agreement entered into under subsection (2) or this subsection and every such further agreement is legal, valid and binding upon each municipal authority on behalf of which it is entered into and upon the successors and assigns of such municipal authority. R.S.O. 1990, c. P.19, s. 2.

Cost of insurance, how borne

3. (1) The cost of insurance and the cost of and incidental to the administration and operation of the contract and any other expenses incurred or for which the Corporation may be liable in connection therewith is payable by each of the municipal authorities on whose behalf the contract is undertaken as part of the cost of operation of the works of the municipal authority and shall be apportioned and distributed by the Corporation among the municipal authorities in any such group in such manner as the Corporation considers equitable.

Regulations

(2) The Corporation, with the approval of the Lieutenant Governor in Council, may make regulations prescribing the terms and conditions for the required payments under subsection (1), and the time and manner in which such payments shall be made and the returns and the accounts to be furnished by any municipal authority and the contributions to be made by the employees of any municipal authority party to the agreement. R.S.O. 1990, c. P.19, s. 3.

Agreement between municipal authority and Her Majesty

4. Upon the recommendation of the Corporation and with the approval of the Lieutenant Governor in Council, a municipal authority may enter into an agreement with Her Majesty pursuant to the Government Annuities Act (Canada) for providing insurance for the employees of such municipal authority by way of service annuities, income annuities or death or disability benefits, or such other benefits as may by the Corporation be considered expedient. R.S.O. 1990, c. P.19, s. 4.