B-1.1, r. 8 - Regulation respecting the guarantee plan for new residential buildings

Section 56 Disposition versions

2014-01-01

56. The manager and his actuary shall ensure that they establish an actuarial reserve consisting of the minimum reserve referred to in section 54, of an additional reserve over and above that minimum reserve where the actuary is of the opinion that the minimum reserve does not constitute a good and sufficient provision to guarantee the obligations resulting from the guarantee certificate issued by the manager, and of a good and sufficient provision for outstanding claims, which are claims submitted and not settled and claims incurred but not reported.

The manager’s actuary may take into account the insurance, reinsurance or other guarantees held by the manager in the estimate of the good and sufficient provision of this section but must not take into account the guarantee fund in Chapter III.I of this Regulation. The actuary’s analyses and conclusions in that regard and the copies of the insurance, reinsurance or other guarantees held by the manager must be submitted in the report mentioned in section 64.

The actuarial reserve thus calculated may not cover uses other than those identified in the first paragraph.

O.C. 841-98, s. 56; O.C. 1087-2013, s. 2.

2012-09-01

56. The manager and his actuary shall ensure that they establish an actuarial reserve consisting of the minimum reserve referred to in section 54, of an additional reserve over and above that minimum reserve where the actuary is of the opinion that the minimum reserve does not constitute a good and sufficient provision to guarantee the obligations resulting from the guarantee certificate issued by the manager, and of a good and sufficient provision for outstanding claims, which are claims submitted and not settled and claims incurred but not reported.

O.C. 841-98, s. 56.