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

Section 64 Disposition versions

2015-01-01

64. The manager shall, no later than 4 months after the end of each fiscal year, supply the Board with an annual report of the approved plan stating its situation.

The annual report shall include financial statements for the plan’s latest fiscal year, financial statements that shall be prepared in accordance with generally accepted accounting principles and audited in accordance with generally accepted auditing standards. The financial statements must detail the entries referred to in sections 49 to 51 of this Regulation. The Board may issue guidelines relating to the presentation and content of the financial statements.

The annual report shall also be accompanied by experience data sent on a form supplied by the Board.

The annual report shall also include the actuary’s report that must cover sections 47 to 57 regarding solvency and the changes made during the fiscal year to the guarantee plan and to the guarantee contract.

The actuarial reserve appearing in the financial statements shall be certified by an actuary to the effect that it constitutes a provision which is good and sufficient to guarantee the obligations resulting from the guarantee certificates issued by the manager. Otherwise, the financial statements shall indicate which amount should be deposited in the reserve account in order to constitute a provision which is good and sufficient, in accordance with the actuary’s report certifying that it was calculated on the basis of adequate assumptions with regard to the manager’s financial situation and the contracts he concludes.

Each year, a dynamic capital adequacy testing that meets the standards of the Canadian Institute of Actuaries must be prepared by the actuary mandated by the manager of a guarantee plan and must be filed with the Board. The dynamic capital adequacy testing must correspond to the end of the fiscal year provided for in paragraph 10 of section 42.

O.C. 841-98, s. 64; O.C. 156-2014, s. 36.

2012-09-01

64. The manager shall, no later than 4 months after the end of each fiscal year, supply the Board with an annual report of the approved plan stating its situation.

The annual report shall include financial statements for the plan’s latest fiscal year, financial statements that shall be prepared in accordance with generally accepted accounting principles and audited in accordance with generally accepted auditing standards.

The annual report shall also be accompanied by experience data sent on a form supplied by the Board.

The annual report shall also include the actuary’s report and the changes made during the fiscal year to the guarantee plan and to the guarantee contract.

The actuarial reserve appearing in the financial statements shall be certified by an actuary to the effect that it constitutes a provision which is good and sufficient to guarantee the obligations resulting from the guarantee certificates issued by the manager. Otherwise, the financial statements shall indicate which amount should be deposited in the reserve account in order to constitute a provision which is good and sufficient, in accordance with the actuary’s report certifying that it was calculated on the basis of adequate assumptions with regard to the manager’s financial situation and the contracts he concludes.

Every 3 years, the annual report shall also include, for the following 3 years of operation, a business plan as defined in the Dictionnaire de la comptabilité et de la gestion financière by L. Ménard et al, Canadian Institute of Chartered Accountants, Ordre des experts comptables-France, Institut des Réviseurs d’Entreprises-Belgique, 1994.

O.C. 841-98, s. 64.