Public Accountability Statements (Insurance Companies and Trust and Loan Companies) Regulations ( SOR /2002-133)

Public Accountability Statements (Insurance Companies and Trust and Loan Companies) Regulations

Public Accountability Statements (Insurance Companies and Trust and Loan Companies) Regulations

P.C. 2002-402 2002-03-21

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 459.3(4) Footnote a of the Bank Act Footnote b , 489.1(4) Footnote c of the Insurance Companies Act Footnote d and 444.2(4) Footnote e of the Trust and Loan Companies Act Footnote f , hereby makes the annexed Public Accountability Statements (Banks, Insurance Companies, Trust and Loan Companies) Regulations .

Interpretation

Marginal note: Definitions

1 The following definitions apply in these Regulations.

means the social, cultural, economic or environmental enrichment of a community. ( développement communautaire )

• (a) [Repealed, SOR/2021-181, s. 100]
• (b) a company referred to in subsection 489.1(1) of the Insurance Companies Act ; or
• (c) a company referred to in section 444.2(1) of the Trust and Loan Company Act . ( déclarant )

means, in relation to a declarant,

• (a) for the first public accountability statement,
  • (i) all full quarters of the financial year of the declarant that begin after the date of coming into force of these Regulations, or
  • (ii) the financial year of the declarant; and

  means the statement that is required to be published

  • (a) [Repealed, SOR/2021-181, s. 100]
  • (b) under subsection 489.1(1) of the Insurance Companies Act ; or
  • (c) under subsection 444.2(1) of the Trust and Loan Companies Act . ( déclaration annuelle )

  Affiliates of Declarant

  Marginal note: Affiliates of declarant

  • 2 (1) For the purposes of subsection 489.1(1) of the Insurance Companies Act and subsection 444.2(1) of the Trust and Loan Companies Act , the affiliates of a declarant in respect of which a public accountability statement is required to be published are
    • (a) the affiliates of the declarant that are finance entities as defined in the Finance Entity Regulations except for an affiliate that is a finance entity that makes or refinances loans to, or enters into any other similar arrangements for advancing funds or credit with, only entities that are its affiliates; or
    • (b) the affiliates of the declarant that are financial institutions with equity of less than one billion dollars, other than foreign institutions that carry on business exclusively outside of Canada.

    Content of Public Accountability Statement

    Marginal note: What statement must contain

    • 3 (1) Subject to subsections (2) to (4), the public accountability statement must contain
      • (a) a list of affiliates of the declarant in respect of which the statement is published;
      • (b) a list of affiliates of the declarant in respect of which the public accountability statement of another declarant is published for the period and the name of the other declarant;
      • (c) detailed examples, in relation to the declarant and the affiliates in respect of which the statement is published,
        • (i) of their goals in the area of community development and of their participation during the period in activities for the purpose of community development, including the making of financial contributions for that purpose,
        • (ii) of activities undertaken on their behalf during the period by their employees on a voluntary basis for the purpose of community development,
        • (iii) of charitable donations that they made during the period,
        • (iv) of their philanthropic activities, other than charitable donations, during the period, including their total value in money to the extent that the value of those activities can be expressed in money, and
        • (v) of any new initiatives or technical assistance programs that they undertook during the period in relation to
          • (A) financing for small businesses, and
          • (B) investments or partnerships in micro-credit programs;
          • (i) the charitable donations made during the period by the declarant and the affiliates in respect of which the statement is published, or
          • (ii) the charitable donations made during the period by the financial group of which the declarant is a member;
          • (i) $0 to $24,999,
          • (ii) $25,000 to $99,999,
          • (iii) $100,000 to $249,999,
          • (iv) $250,000 to $499,999,
          • (v) $500,000 to $999,999,
          • (vi) $1,000,000 to $4,999,999, and
          • (vii) $5,000,000 and greater;
          • (i) branches that are open to the public and at which a product or service is offered, or
          • (ii) facilities, other than branches, at which the declarant has accepted deposits from customers or disbursed cash to customers;
          • (i) the number of full-time positions held by those individuals, and
          • (ii) the number of part-time positions held by those individuals; and
          • SOR/2009-40, s. 1

          Time and Manner Requirements for Disclosure

          Marginal note: Time requirement

          4 A declarant must prepare a public accountability statement and file a written copy of it with the Commissioner within 135 days after the end of each period.

          Marginal note: Manner of disclosure

          5 The declarant must disclose the public accountability statements to its customers and to the public by

          • (a) informing its customers and the public within 135 days after the end of each period, through advertising, making public announcements, posting notices, mailing information or otherwise, about any means by which the statement is available to the customers and the public;
          • (b) making copies of the statement available on request to customers and the public at no charge; and
          • (c) posting the statement on its websites through which products or services are offered in Canada.
          • SOR/2009-40, s. 2

          Coming into Force

          Marginal note: Coming into force

          6 These Regulations come into force on the day on which they are registered.