Contents
- Her Excellency the Governor General in Council, on the rec…
- Interpretation
- Determination of Assets, Net Revenues and Net Premiums
- Determination of Assessment
- Determination of Base Assessment for Banks and Authorized Foreign Banks
- Determination of Base Assessment for Trust and Loan Companies
- Determination of Base Assessment for Retail Associations
- Determination of Base Assessment for Insurance Companies
- Notice of Assessment
- Coming into Force
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 18(3) and section 32 of the Financial Consumer Agency of Canada Act, hereby makes the annexed Financial Consumer Agency of Canada Assessment of Financial Institutions Regulations.note
Interpretation
1Definitions#
The following definitions apply in these Regulations.
Act means the Financial Consumer Agency of Canada Act. (Loi)
foreign life company has the same meaning as in section 571 of the Insurance Companies Act. (société d’assurance-vie étrangère)
insurance company means
(a)a company or foreign company to which the Insurance Companies Act applies; or
(b)Green Shield Canada. (société d’assurances)
life company has the same meaning as in subsection 2(1) of the Insurance Companies Act. (société d’assurance-vie)
retail association has the same meaning as in section 2 of the Cooperative Credit Associations Act. (association de détail)
trust and loan company means a company to which the Trust and Loan Companies Act applies. (société de fiducie et de prêt)
Determination of Assets, Net Revenues and Net Premiums
2Determination by the Commissioner#
The Commissioner shall, before December 31 in each calendar year, ascertain
(a)the average total assets in Canada during the fiscal year ending on March 31 of that year of each bank, authorized foreign bank and trust and loan company;
(b)the average total assets in Canada during the immediately preceding calendar year of each retail association;
(c)the total amount of the net revenue received in Canada during the immediately preceding calendar year by Green Shield Canada from its prepayment plans other than administrative services only plans; and
(d)the total amount of net premiums received in Canada during the immediately preceding calendar year by each company and foreign company to which the Insurance Companies Act applies.
Determination of Assessment
3Amount to be assessed#
(1)For the purpose of subsection 18(3) of the Act and subject to subsection (2), the amount assessed by the Commissioner against each financial institution in respect of any fiscal year shall be equal to the base assessment determined for the financial institution in accordance with sections 4 to 8, less any interim assessment prepared against the financial institution pursuant to subsection 18(4) of the Act.
(2)No assessment is payable in any fiscal year by a financial institution with respect to which the Minister has approved an application for voluntary liquidation and dissolution before the beginning of that fiscal year or with respect to which a court has made a winding-up order under the Winding-up and Restructuring Act before the beginning of that fiscal year.
Determination of Base Assessment for Banks and Authorized Foreign Banks
4Base assessment#
The base assessment of a financial institution that is a bank or an authorized foreign bank shall be equal to, for any fiscal year, the aggregate of
(a)$1,000 and
(b)the amount determined by the formula
Determination of Base Assessment for Trust and Loan Companies
5Base assessment#
The base assessment of a financial institution that is a trust and loan company shall be equal to, for any fiscal year,
(a)where the amount determined by the formula A × B / C is equal to or less than $1,000, the amount of $1,000, and
(b)otherwise, the aggregate of $1,000 and the amount determined by the formula
Determination of Base Assessment for Retail Associations
6Base assessment#
The base assessment of a financial institution that is a retail association shall be equal to, for any fiscal year,
(a)where the amount determined by the formula A × B / C is equal to or less than $1,000, the amount of $1,000, and
(b)otherwise, the aggregate of $1,000 and the amount determined by the formula
Determination of Base Assessment for Insurance Companies
7Base assessment#
The base assessment of a financial institution that is a life company or a foreign life company shall be equal to, for any fiscal year,
(a)where the amount determined by the formula A × C / E is equal to or less than $1,000, the amount of $1,000, and
(b)otherwise, the aggregate of $1,000 and the amount determined by the formula
8Green Shield Canada#
(1)For the purpose of this section, Green Shield Canada shall be considered to be a property and casualty company within the meaning of subsection 2(1) of the Insurance Companies Act.
(2)The base assessment of a financial institution that is an insurance company, other than one referred to in section 7, shall be equal to, for any fiscal year,
(a)where the amount determined by the formula A × C / E is equal to or less than $1,000, the amount of $1,000, and
(b)otherwise, the aggregate of $1,000 and the amount determined by the formula
Notice of Assessment
Coming into Force
*10Coming into force#
These Regulations come into force on the day on which section 32 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force.
Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.