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A-3.001, r. 7 - Regulation respecting financing
Section 122
Disposition versions
122. The group may, in place of the suretyship required under section 121, submit to the Commission an insurance contract, a suretyship contract or a guarantee contract issued by a legal person governed by the Bank Act (S.C. 1991, c. 46), the Savings and Credit Unions Act (chapter C-4.1), the Trust Companies and Savings Companies Act (chapter S-29.02) or the Insurers Act (chapter A-32.1), under which that legal person undertakes to pay the assessment owed by the group, including adjustments, up to a maximum of 50% of the amount corresponding to the sum of the product of the insurable wages paid for the assessment year of each employer in the group multiplied by the risk-related portion of the assessment rate applicable to the employer pursuant to section 305 of the Act, and any interest owed to the Commission.
The contract must remain in force until the expiry of the second year following the year of retrospective adjustment of the assessment provided for in section 109.
122. The group may, in place of the suretyship required under section 121, submit to the Commission an insurance contract, a suretyship contract or a guarantee contract issued by a legal person governed by the Bank Act (S.C. 1991, c. 46), the Savings and Credit Unions Act (chapter C-4.1), the Act respecting trust companies and savings companies (chapter S-29.01) or the Act respecting Insurance (chapter A-32), under which that legal person undertakes to pay the assessment owed by the group, including adjustments, up to a maximum of 50% of the amount corresponding to the sum of the product of the insurable wages paid for the assessment year of each employer in the group multiplied by the risk-related portion of the assessment rate applicable to the employer pursuant to section 305 of the Act, and any interest owed to the Commission.
The contract must remain in force until the expiry of the second year following the year of retrospective adjustment of the assessment provided for in section 109.
