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O. Reg. 864/21: INSURANCE FUND
filed December 17, 2021 under Workplace Safety and Insurance Act, 1997, S.O. 1997, c. 16, Sched. A
Skip to contentontario regulation 864/21
made under the
Workplace Safety and Insurance Act, 1997
Made: December 9, 2021
Filed: December 17, 2021
Published on e-Laws: December 17, 2021
Printed in The Ontario Gazette: January 1, 2022
Amending O. Reg. 141/12
(INSURANCE FUND)
1. Sections 1, 2 and 3 of Ontario Regulation 141/12 are revoked and the following substituted:
Sufficiency of insurance fund
1. (1) For the purposes of Part VIII of the Act, the day section 1 of Ontario Regulation 864/21 comes into force is the date prescribed under clause 100 (b) of the Act.
(2) For the purposes of Part VIII of the Act, a sufficiency ratio of 100 per cent is the amount prescribed under clause 100 (c) of the Act.
(3) The sufficiency ratio of the insurance fund shall be calculated by dividing the value of the insurance fund assets by the value of the insurance fund liabilities and shall be expressed as a percentage.
(4) The values of the assets and liabilities shall be determined by the Board in actuarial valuations made using actuarial methods and assumptions that are consistent with accepted actuarial practice for going concern valuations.
Prescribed amount
2. For the purposes of clause 97.1 (2) (a) of the Act, 115.1 per cent is the amount prescribed under clause 100 (f.1) of the Act.
Prescribed criteria
3. For the purposes of subsection 97.1 (4) of the Act, the following criteria are prescribed:
1. Whether, during the preceding year, a Schedule 1 employer has been convicted of an offence under the Act in a proceeding commenced under Part III of the Provincial Offences Act.
2. Whether, during the preceding five years, a Schedule 1 employer has been convicted more than once of an offence under the Act in a proceeding commenced under Part III of the Provincial Offences Act.
3. Whether, during the preceding year, a Schedule 1 employer has been convicted of an offence under the Occupational Health and Safety Act in a proceeding commenced under Part III of the Provincial Offences Act.
4. Whether, during the preceding five years, a Schedule 1 employer has been convicted more than once of an offence under the Occupational Health and Safety Act in a proceeding commenced under Part III of the Provincial Offences Act.
Timing of disbursements
4. For the purposes of subsection 97.1 (5) of the Act, the following requirements are prescribed:
1. Disbursements made under subsection 97.1 (1) of the Act shall be made within 90 days of the Board determining that it will distribute an amount of the insurance fund to Schedule 1 employers.
2. Disbursements made under subsection 97.1 (2) of the Act shall be made within 30 days of the Board determining that the amount of the insurance fund meets a sufficiency ratio that is equal to 125 per cent.
Commencement
2. This Regulation comes into force on the later of the day subsection 4 (2) of Schedule 6 to the Working for Workers Act, 2021 comes into force and the day this Regulation is filed.