Government Notices — Other
DICO Differential Premium Score Determination
Published, The Ontario Gazette, Date February 10, 2018
This document is issued by the Deposit Insurance Corporation of Ontario (the “Corporation”) to set out the rules it applies when determining the differential premium score of a credit union or league for a year, pursuant to section 105 of Ontario Regulation 237/09 (the “General Regulation”) made under the Credit Unions and Caisses Populaires Act, 1994 (the “Act”). It sets out the rules for determining the differential premium score of a credit union or league with a financial year beginning on or after January 1, 2018. The score will be used by the Corporation to calculate the annual deposit insurance premium payable by a credit union or league under section 105 of the regulation.
- Differential Premium Score Determination
The differential premium score of a credit union or league is calculated with reference to the following components:
- Capital: as measured by the level of regulatory capital of the credit union or league; and
- Corporate governance as measured by the effectiveness of the corporate governance practices of the credit union or league as determined with reference to the Act and the by-laws of the Corporation.
The maximum score attainable is 100 points. A credit union or league may receive a maximum of:
- 64 points for the capital component; and
- 36 points for the governance component.
Where a credit union or league does not file its annual return or the resolution of the board of directors as required under the Corporation’s By-law No. 5, as amended from time to time, respecting Standards of Sound Business and Financial Practices, the credit union or league will be assigned a score of zero points.
- Capital Component
Points for the capital component of the score are calculated based on information from the annual return filed with the Corporation by the credit union or league.
For all credit unions or leagues, the number of points for the capital component will be determined as follows:
- Where regulatory capital expressed as a percentage of its total assets is less than 4.00%, the credit union or league will receive zero points for the capital component.
- Where regulatory capital expressed as a percentage of its total assets is 4.00% or more, the points for the capital component for a credit union or league will be based on its regulatory capital expressed as a percentage of its risk-weighted assets, as follows:
- Where regulatory capital expressed as a percentage of its risk weighted assets is less than 8.00%, the credit union or league will receive zero points.
- Where regulatory capital expressed as a percentage of its risk weighted assets is greater than or equal to 8.00% and less than 8.10%, the credit union or league will receive one point.
- Where regulatory capital is greater than or equal to 8.10% and less than 14.00%, the credit union or league will receive points based on the following formula:
[(D – 8.00%) ÷ 6.00%] × 64
in which, “D” is regulatory capital expressed as a percentage of its risk weighted assets - Where regulatory capital expressed as a percentage of its risk weighted assets is 14.00% or more, the credit union or league will receive 64 points.
Transitional rule 2018
A credit union that was classified as a class 1 credit union as of December 31, 2017 or a league, and whose financial year-end falls on December 31, 2017, would calculate the capital component according to the Differential Premium Score Determination Document date April 12, 2014.
Credit unions or leagues subject to this transitional rule will revert to the standard calculation for the capital component effective for the 2019 premium billing.
- Corporate Governance Component
Points for corporate governance will be based on ratings determined during the examination of the credit union or league conducted by the Corporation. Examination ratings will be based on an assessment of compliance with the Act and regulations made under the Act, orders made by the Superintendent of the Financial Services Commission of Ontario or the Corporation, the by-laws of the Corporation, and the credit union’s or league’s own by-laws and policies.
The maximum rating for each standard is set out in Table 1 below:
table 1:
corporate governance rating allocations
| Standard | Maximum Rating |
|---|---|
| Board of Directors | 30 |
| Audit Committee | 20 |
| Management | 50 |
| Total | 100 |
The ratings for each standard are totaled and then converted to points, based on the following formula:
(G ÷ 100) × 36
in which, “G” is the total rating of all corporate governance standards
Each standard has a number of specific elements that will be separately assessed during the examination of the credit union or league by the Corporation. There are three ratings that can be obtained: Adequate, Needs Improvement, or Inadequate. Ratings will be assigned for each element within each standard as set out in Tables 2, 3 and 4 below:
table 2:
board of directors
| examination ratings | |||
|---|---|---|---|
| Elements | Adequate | Needs Improvement | Inadequate |
| Practices & Expertise | 12 | 6 | 0 |
| Human Resources | 4 | 2 | 0 |
| Risk Management | 9 | 4.5 | 0 |
| Business Strategy & Business Plans | 5 | 2.5 | 0 |
| maximum | 30 | ||
At a minimum, the following will be assessed under each standard and element:
board of directors
Practices and Expertise
- understands and fulfills its responsibilities
- exercises independent judgment
- establishes the training requirements and qualifications for directors and members of the audit committee
- establishes the responsibilities, accountability and authority of the CEO, the audit committee and other board committees, as applicable
- establishes standards of business conduct and ethical behaviour
- evaluates the effectiveness of the board and oversees the responsibilities of the audit committee
- affirms a control environment and ensures that the credit union or league is in control
Human Resources
- selects and evaluates the effectiveness of the CEO
- ensures that management is appropriately skilled and experienced to implement the board’s objectives
- ensures that employee compensation plans are consistent with prudential incentives
Risk Management
- establishes appropriate and prudent risk management policies
- oversees risk management policies and obtains reasonable assurance that the credit union or league is adhering to its risk management policies for significant risks
Enterprise Risk Management (ERM):
- establishes appropriate and prudent enterprise risk management policies that set out the risk appetite and risk tolerances for all significant risk areas
- reviews and confirms that the credit union’s or league’s risk exposure is aligned with its risk appetite and risk tolerances
Business Strategy and Business Plans
- establishes business objectives of the credit union or league consistent with co-operative principles and approves the credit union’s or league’s business strategy and business plans
- evaluates the credit union’s or league’s actual operating and financial results against business plans and addresses any material variances
table 3:
audit committee
| examination ratings | |||
|---|---|---|---|
| Elements | Adequate | Needs Improvement | Inadequate |
| Practices & Expertise | 6 | 3 | 0 |
| Internal Audit | 6 | 3 | 0 |
| External Audit | 4 | 2 | 0 |
| Risk Management & Compliance | 4 | 2 | 0 |
| maximum | 20 | ||
At a minimum, the following will be assessed under each standard and element:
audit committee
Practices and Expertise
- develops a work plan for all meetings for the year that addresses all the duties and responsibilities set out in the Act and its regulations
Internal Audit
- oversees an independent internal audit function to evaluate internal controls and ensures that management has mitigated any material weaknesses
External Audit
- undertakes its duties with respect to the external audit as set out in section 27 of the General Regulation
Risk Management and Compliance
- takes all reasonable steps to ensure that the credit union or league is in compliance with the Act, regulations and other legislative requirements
- ensures appropriate follow-up on all outstanding issues, weaknesses and deficiencies, including findings and recommendations of examinations and internal and external auditors
Enterprise Risk Management:
- reviews management’s identification of the significant risks of the credit union or league in accordance with the ERM policy
- ensures there are ERM processes in place to measure, monitor, manage and mitigate significant risk exposures, including appropriate policies, procedures and controls
- oversees the application of ERM practices and the ongoing identification of emerging risks
- reports to the board on risk exposure levels
table 4:
management
| examination ratings | |||
|---|---|---|---|
| Elements | Adequate | Needs Improvement | Inadequate |
| Risk Management | 30 | 15 | 0 |
| Business Strategy & Business Plans | 8 | 4 | 0 |
| Operational & Financial Results | 7 | 3.5 | 0 |
| Board Reports | 5 | 2.5 | 0 |
| maximum | 50 | ||
At a minimum, the following will be assessed under each standard and element:
management
Risk Management
- implements appropriate and prudent risk management policies, procedures and controls with respect to the following:
- Capital Management
- Credit Risk Management
- Operational Risk Management
- Market Risk Management
- Structural Risk Management
- Liquidity Risk Management
- monitors the effectiveness of risk management practices and controls for the credit union’s or league’s significant risks
Enterprise Risk Management:
- identifies, measures and evaluates significant strategic, business and process risk exposures
- mitigates risk exposures through appropriate risk responses
- monitors the application of risk responses and mitigation strategies
- reports on ERM processes and findings, including the level and direction of risk exposures and extent of risk management activities.
Business Strategy and Business Plans
- develops and implements an appropriate and prudent business strategy and business plans
- Operational and Financial Results
- effectively monitors and evaluates operational and financial performance and results
- addresses weaknesses in operational and financial results
Board Reports
- provides the board of directors with timely, relevant, accurate reports on the implementation of the credit union’s or league’s business strategy, business and financial plans and any material risk that may affect the business objectives and financial stability of the credit union or league
(151-G059E)
Marriage Act
certificate of permanent registration as a person authorized to solemnize marriage in Ontario have been issued to the following:
January 01, 2018 to January 05, 2018
| Name | Location | Effective Date |
|---|---|---|
| Midgett, Timothy James | Selkirk, ON, CA | 04-Jan-2018 |
certificate of cancellation of registration as a person authorized to solemnize marriage in Ontario have been issued to the following:
January 01, 2018 to January 05, 2018
| Name | Location | Effective Date |
|---|---|---|
| Flor, Gerson | Shannon, QC, CA | 02-Jan-2018 |
| Franck, Claus P | Grimsby, ON, CA | 02-Jan-2018 |
| Hambrock, Walter | St Albert, AB, CA | 02-Jan-2018 |
| Heinbuch, James | Spruce Grove, AB, CA | 02-Jan-2018 |
| Kim, Min Hwan | St Albert, AB, CA | 02-Jan-2018 |
| Yanko, Christina R | Toronto, ON, CA | 02-Jan-2018 |
| Irvine, Herbert | Coldwater, ON, CA | 03-Jan-2018 |
| Steller, Heinz | Don Mills, ON, CA | 03-Jan-2018 |
| Wilson, David Frank | Mississauga, ON, CA | 03-Jan-2018 |
| Unsworth, Brian C | Selkirk, ON, CA | 04-Jan-2018 |
| Bernade, Jean Claude | Ottawa, ON, CA | 05-Jan-2018 |
| Claridge, Jodi | Beaverton, ON, CA | 05-Jan-2018 |
| Davy, Joshua | Oro-Medonte, ON, CA | 05-Jan-2018 |
| Duncan, Lorne Paul | Windsor, ON, CA | 05-Jan-2018 |
| Flessatti, Erica J | St Marys, ON, CA | 05-Jan-2018 |
| Gallo, Jonathan Joshua | Virgil, ON, CA | 05-Jan-2018 |
| Helwig, Brent L | Stouffville, ON, CA | 05-Jan-2018 |
| Honsinger, Brenda L | London, ON, CA | 05-Jan-2018 |
| Koetje, Joanne | Port Hope, ON, CA | 05-Jan-2018 |
| Lawrence, David E | Sarnia, ON, CA | 05-Jan-2018 |
| Mason, Hyacinth E | Orleans, ON, CA | 05-Jan-2018 |
| Mohammad, Al-Saeed Abdul-Hafez | Markham, ON, CA | 05-Jan-2018 |
| Pompilio, Cheryl D | Mississauga, ON, CA | 05-Jan-2018 |
| Sault, Martin Earl | Fort Erie, ON, CA | 05-Jan-2018 |
| Stanton, Karen Leslie | Burlington, ON, CA | 05-Jan-2018 |
| Sullivan, Eric P B | Toronto, ON, CA | 05-Jan-2018 |
| Van Stralen, Paul | Lethbridge, AB, CA | 05-Jan-2018 |
| Van Vrouwerff, Elizabeth A | London, ON, CA | 05-Jan-2018 |
| Vanderburgh, John | Brooks , AB, CA | 05-Jan-2018 |
| Weir, Rose Fay | Maple, ON, CA | 05-Jan-2018 |
Alexandra Schmidt
Deputy Registrar General
(151-G060)
certificate of permanent registration as a person authorized to solemnize marriage in Ontario have been issued to the following:
January 08, 2018 to January 12, 2018
| Name | Location | Effective Date |
|---|---|---|
| Bokma, Josiah | Hamilton, ON, CA | 08-Jan-2018 |
| Boyes, Cheryl | London, ON, CA | 08-Jan-2018 |
| Ffrench - Walker, Andrea A | Toronto, ON, CA | 08-Jan-2018 |
| Reid, Clive L | Mississauga, ON, CA | 08-Jan-2018 |
| Restua, Ronald G | Scarborough, ON, CA | 08-Jan-2018 |
| Steger, Christine M | Mississauga, ON, CA | 08-Jan-2018 |
| Anugraham Jeba, Ratnam Ranjan | Aurora, ON, CA | 10-Jan-2018 |
| Jeffrey, Denise B | Hamilton, ON, CA | 10-Jan-2018 |
| Kalengayi, Anaclet | Windsor, ON, CA | 10-Jan-2018 |
| Morassutti, Robert | Toronto, ON, CA | 10-Jan-2018 |
| Neil-Gabriel, Kimyata | Toronto, ON, CA | 10-Jan-2018 |
| Owen, Phillip E | Dunnville, ON, CA | 10-Jan-2018 |
| Taylor, Carol | Welland, ON, CA | 10-Jan-2018 |
| Wynter, Daniel Mikeal | Pickering, ON, CA | 10-Jan-2018 |
| Booth, Carol V | Port Colborne, ON, CA | 12-Jan-2018 |
| Bosch, Winston Jeremy | Ottawa, ON, CA | 12-Jan-2018 |
| Burrows, Scott Cameron | Newmarket, ON, CA | 12-Jan-2018 |
Re-Registrations
| Name | Location | Effective Date |
|---|---|---|
| Drennan, James Clarke | Cornwall, ON, CA | 08-Jan-2018 |
| St Jacques, Lynne | Ilderton, ON, CA | 08-Jan-2018 |
| McConnachie, George | Toronto, ON, CA | 10-Jan-2018 |
certificate of cancellation of registration as a person authorized to solemnize marriage in Ontario have been issued to the following:
January 08, 2018 to January 12, 2018
| Name | Location | Effective Date |
|---|---|---|
| Barrera, Eduardo | London, ON, CA | 08-Jan-2018 |
| Jeyaseelen, Francis A | Merlin, ON, CA | 08-Jan-2018 |
| Lam, Calvin Che-Fai | North York, ON, CA | 08-Jan-2018 |
| Santa Cruz, Hugo | London, ON, CA | 08-Jan-2018 |
| Adams, Bonnie | Thorndale, ON, CA | 09-Jan-2018 |
| Hare, Stephen D | Kamloops, BC, CA | 09-Jan-2018 |
| Ibanez, Elis Astur | Brampton, ON, CA | 09-Jan-2018 |
| Larsen, Donald Leroy | Sleeman, ON, CA | 09-Jan-2018 |
| Lindsay, Colin Jesse | Atikokan, ON, CA | 09-Jan-2018 |
| Rae, Bruce Victor | Scarborough, ON, CA | 09-Jan-2018 |
| Wood, Donald Frederick | Haliburton, ON, CA | 09-Jan-2018 |
| Knights, Stephen Dean | Toronto, ON, CA | 11-Jan-2018 |
Alexandra Schmidt
Deputy Registrar General
(151-G061)
certificate of permanent registration as a person authorized to solemnize marriage in Ontario have been issued to the following:
January 15, 2018 to January 19, 2018
| Name | Location | Effective Date |
|---|---|---|
| Pereira, Eslin F X | Ottawa, ON, CA | 15-Jan-2018 |
| Solway, Cora Elizabeth | Napanee, ON, CA | 15-Jan-2018 |
| Solway, Douglas Kevin | Napanee, ON, CA | 15-Jan-2018 |
| Arcay, Zaida | Hamilton, ON, CA | 17-Jan-2018 |
| Fournier, Shawna Rae | North Bay, ON, CA | 17-Jan-2018 |
| Johnston, Tara Sara | St Catherines, ON, CA | 17-Jan-2018 |
| Magallano, Marivic P | Dundas, ON, CA | 17-Jan-2018 |
| Murphy, Michael A | Oshawa, ON, CA | 17-Jan-2018 |
| Ventura, Daniel | Waterdown , ON, CA | 17-Jan-2018 |
| Williams, Francis | Toronto, ON, CA | 17-Jan-2018 |
| Buitrago Cruz, Victor M | London, ON, CA | 18-Jan-2018 |
| Goupil, Paul RJ | Curran, ON, CA | 18-Jan-2018 |
| Thompson, Aundrea A | Brampton, ON, CA | 18-Jan-2018 |
| Francois, Fritz Gerald | Orleans, ON, CA | 19-Jan-2018 |
| Fridman, IIya-Yisroel | Maple, ON, CA | 19-Jan-2018 |
| Gordon, Mark S | Stittsville, ON, CA | 19-Jan-2018 |
Re-Registrations
| Name | Location | Effective Date |
|---|---|---|
| Brubacher, Amzie | New Hamburg, ON, CA | 17-Jan-2018 |
| Chan, John Yan Yee | Brampton, ON, CA | 17-Jan-2018 |
| James, Garfield | Brampton, ON, CA | 17-Jan-2018 |
| Rudy-Froese, Marilyn | Kitchener, ON, CA | 17-Jan-2018 |
| Lush, Margaret Elaine | Englehart, ON, CA | 18-Jan-2018 |
certificates of temporary registration as person authorized to solemnize marriage in Ontario have been issued to the following:
January 15, 2018 to January 19, 2018
| Date | Name | Location | Effective Date |
|---|---|---|---|
| 15-Feb-2018 to 19-Feb-2018 | Gillam, Steven J | Beaconsfield, QC, CA | 17-Jan-2018 |
| 02-May-2018 to 06-May-2018 | Nurse, Daniel Francis | Varennes, QC, CA | 17-Jan-2018 |
certificate of cancellation of registration as a person authorized to solemnize marriage in Ontario have been issued to the following:
January 15, 2018 to January 19, 2018
| Name | Location | Effective Date |
|---|---|---|
| Deer, Michael | Toronto, ON, CA | 16-Jan-2018 |
| Griffin, William K | Queensville, ON, CA | 16-Jan-2018 |
| Matheson, Roy R | Oakville, ON, CA | 16-Jan-2018 |
| Racette, Gaston Joseph Alex | Trenton, ON, CA | 16-Jan-2018 |
| Hughes, Christina Iris | Dundas, ON, CA | 18-Jan-2018 |
| Ferris, J Elaine | Collingwood, ON, CA | 19-Jan-2018 |
| Ross, Paul Kestle | Exeter, ON, CA | 19-Jan-2018 |
Alexandra Schmidt
Deputy Registrar General
(151-G062)
certificate of permanent registration as a person authorized to solemnize marriage in Ontario have been issued to the following:
January 22, 2018 to January 26, 2018
| Name | Location | Effective Date |
|---|---|---|
| Antony, Jacob K | Brampton, ON, CA | 22-Jan-2018 |
| Baisden, Kathleen R | Scarborough, ON, CA | 24-Jan-2018 |
| Green, Jacqueline A | Brampton, ON, CA | 24-Jan-2018 |
| Karomi, Khalid | Mississauga, ON, CA | 24-Jan-2018 |
| Lewis, Nadine N | Mississauga, ON, CA | 24-Jan-2018 |
| Mariadoss, Selvam | Hearst, ON, CA | 24-Jan-2018 |
| Sudhakar, Jayabalan | Hearst, ON, CA | 24-Jan-2018 |
| Wang, Haoran | Toronto, ON, CA | 24-Jan-2018 |
| White, Linda J | Toronto, ON, CA | 24-Jan-2018 |
| Arenzavia, Fitzwarren | Brampton, ON, CA | 25-Jan-2018 |
| Boomgaard, Michelle | Burlington, ON, CA | 25-Jan-2018 |
| Chambers, Warren | Peterborough, ON, CA | 25-Jan-2018 |
| Paulo, Emerenciana M | Etobicoke, ON, CA | 25-Jan-2018 |
| Reschke, Elisabeth | Niagara On The Lake, ON, CA | 25-Jan-2018 |
| Shaw, Barbara Joan | Coe Hill, ON, CA | 25-Jan-2018 |
| Woods, Shawn Eileen | Port Hope, ON, CA | 25-Jan-2018 |
| Hogewoning, Pamela C | Burford, ON, CA | 26-Jan-2018 |
| Kovtanuka, Anna | Thornhill, ON, CA | 26-Jan-2018 |
| Sardo, Tilahun | Toronto, ON, CA | 26-Jan-2018 |
Re-Registrations
| Name | Location | Effective Date |
|---|---|---|
| Hughes, Iris Christina | Dundas, ON, CA | 22-Jan-2018 |
| Leclaire, Rose | Dacre, ON, CA | 23-Jan-2018 |
| MacCarone, John | Sault Ste.Marie, ON, CA | 23-Jan-2018 |
| Passmore, Wendy Susan | Orillia, ON, CA | 23-Jan-2018 |
| Unsworth, Brian C | Hagersville, ON, CA | 23-Jan-2018 |
| Amole, Victor Abimbola | Toronto, ON, CA | 24-Jan-2018 |
| Burke, Thomas Edward | Midland, ON, CA | 24-Jan-2018 |
| Zimmerman, Stephen Michael | Midland, ON, CA | 25-Jan-2018 |
certificates of temporary registration as person authorized to solemnize marriage in Ontario have been issued to the following:
January 22, 2018 to January 26, 2018
| Date | Name | Location | Effective Date |
|---|---|---|---|
| 10-May-2018 to 14-May-2018 | Feltham, Trevor D | Fort Saskatchewan, AB, CA | 23-Jan-2018 |
| 02-Mar-2018 to 06-Mar-2018 | Latz, Michael A | Minneapolis, MN, USA | 23-Jan-2018 |
certificate of cancellation of registration as a person authorized to solemnize marriage in Ontario have been issued to the following:
January 22, 2018 to January 26, 2018
| Name | Location | Effective Date |
|---|---|---|
| Ashraf, Mohammad | Burlington, ON, CA | 24-Jan-2018 |
| El-Ashi, Arafat Kamel | Burlington, ON, CA | 24-Jan-2018 |
| Fadlalla, Yahia | Hamilton, ON, CA | 24-Jan-2018 |
| Hayes, John B | Sundridge, ON, CA | 25-Jan-2018 |
| Kebick, Jonathan T | Clifford, ON, CA | 25-Jan-2018 |
| Lewis, William John David | Guelph, ON, CA | 25-Jan-2018 |
| McCartney, Colin Joseph | Scarborough, ON, CA | 25-Jan-2018 |
| Stott, Sandra Marie | Arnprior, ON, CA | 25-Jan-2018 |
| Williamson, Jason | Kanata, ON, CA | 25-Jan-2018 |
| Young, Randall W | Blackie, AB, CA | 25-Jan-2018 |
| Ahluwalia, Satpal Singh | Mississauga, ON, CA | 26-Jan-2018 |
| Brunelle, Suzanne | Orleans, ON, CA | 26-Jan-2018 |
| Denning, William Randall | Rodney, ON, CA | 26-Jan-2018 |
| Dhaliwal, Ranjit Singh | Mississauga, ON, CA | 26-Jan-2018 |
| Papernick, Martin J | East Garafraxa, ON, CA | 26-Jan-2018 |
| Purewal, Piara Singh | Brampton, ON, CA | 26-Jan-2018 |
| Temperley, Michael | Waterdown, ON, CA | 26-Jan-2018 |
Alexandra Schmidt
Deputy Registrar General
(151-G063)