Ontario Regulation 141/12: Funding Requirements
O. Reg. 141/12
Regulation - LGIC
Bill or Act:
Workplace Safety and Insurance Act
Summary of Decision:
Bill 135, the Helping Ontario Families and Managing Responsibly Act, 2010, received Royal Assent on December 8, 2010. The legislation contains amendments to the WSIA that require the WSIB to reach a prescribed level of funding, within a prescribed timeframe. These amendments will come into force on January 1, 2013.
A regulation with an effective date of January 1, 2013, has been established under these amendments that require the WSIB to move towards a sufficiently funded system by requiring the insurance fund to reach:
- 60 per cent funding by the end of 2017,
- 80 per cent funding by the end of 2022, and
- 100 per cent funding by the end of 2027.
Under the regulation, the WSIB is required to submit a funding plan to the Minister of Labour by June 30, 2013 outlining how the WSIB will achieve the prescribed sufficiency targets.
In the plan, the WSIB is required to include:
1. A description of the measures it will take to achieve partial sufficiency and sufficiency by the dates prescribed.
2. An explanation of how those measures will be used to achieve the prescribed sufficiency ratios.
The plan and any revisions to the plan must be approved by the WSIB Board of Directors.
Summary of Proposal:
See summary of decision
Ministry of Labour
Health and Safety Policy and Branch
400 University Avenue, 12th Floor
January 1, 2013