Regulation - LGIC
Technical Amendments to Financial Services Commission of Ontario Act, 1997 Regulation 11/01 (Assessment of Expenses and Expenditures).
Regulation Number(s):
Ontario Regulation 11/01 (Assessment of Expenses and Expenditures)
Instrument Type:
Regulation - LGIC
Bill or Act:
Financial Services Commission of Ontario Act, 1997
Summary of Decision:
Amendments to Ontario Regulation 11/01 (Assessment of Expenses and Expenditures) have been approved.
Further Information:
Ontario Regulation 11/01 (Assessment of Expenses and Expenditures)
Financial Services Commission of Ontario Act, 1997
O. Reg. 389/15: ASSESSMENT OF EXPENSES AND EXPENDITURES
Proposal Number:
16-MOF006
Posting Date:
Summary of Proposal:
• Section 25 of the Financial Services Commission of Ontario Act, 1997 ("FSCO Act") allows the Lieutenant Governor in Council to assess FSCO regulated sectors with respect to all expenses and expenditures that the Ministry of Finance (MOF), Financial Services Commission of Ontario (FSCO) and the Financial Services Tribunal (FST) have incurred and made in respect of a regulated sector.
• Section 25 of the FSCO Act also provides that the share of the assessment payable by an entity that forms part of the regulated sector must be determined in the manner prescribed by the regulations under the Act. The prescribed requirements are in FSCO Act Regulation 11/01 (Assessment of Expenses and Expenditures).
• Currently FSCO Act Regulation 11/01 refers only to the expenses and expenditures of FSCO in respect of the following regulated sectors: (i) Credit Unions; (ii) Insurance; (iii) Loan and Trust; and (iv) Pension.
• To align with Section 25 of the FSCO Act which refers to the expenses and expenditures incurred and made by MOF as well as by FSCO, a technical amendment was made to Regulation 11/01 reference the expenses and expenditures incurred and made by MOF in respect of the insurance sector, credit unions sector and loan and trust sector.
• Section 25 of the FSCO Act also provides that the share of the assessment payable by an entity that forms part of the regulated sector must be determined in the manner prescribed by the regulations under the Act. The prescribed requirements are in FSCO Act Regulation 11/01 (Assessment of Expenses and Expenditures).
• Currently FSCO Act Regulation 11/01 refers only to the expenses and expenditures of FSCO in respect of the following regulated sectors: (i) Credit Unions; (ii) Insurance; (iii) Loan and Trust; and (iv) Pension.
• To align with Section 25 of the FSCO Act which refers to the expenses and expenditures incurred and made by MOF as well as by FSCO, a technical amendment was made to Regulation 11/01 reference the expenses and expenditures incurred and made by MOF in respect of the insurance sector, credit unions sector and loan and trust sector.
Contact Address:
Senior Manager
Insurance Policy Unit
Financial Institutions Policy Branch
Ministry of Finance
95 Grosvenor Street
Frost Building North, 4th Floor
Toronto, ON
M7A 1Z1
autoinsurance@ontario.ca
Insurance Policy Unit
Financial Institutions Policy Branch
Ministry of Finance
95 Grosvenor Street
Frost Building North, 4th Floor
Toronto, ON
M7A 1Z1
autoinsurance@ontario.ca
Effective Date:
December 10, 2015
Decision:
Approved