P-40.1, r. 3 - Regulation respecting the application of the Consumer Protection Act

Section 168.1 Disposition versions

2012-09-01

168.1. In addition to maintaining, in accordance with section 260.7 of the Act, sufficient reserves to guarantee obligations arising from any contracts of additional warranty he may make, a merchant must, at all times, in the reserve account referred to in that section, maintain additional reserves corresponding to 15% of the sufficient reserves.

For the purposes of sections 170 and 171, the obligation to take into account the additional reserves requirement in the actuary’s report has effect only in respect of the merchant’s fiscal years that begin after the coming into force of this section. Until he is sent an actuary’s report attesting that that requirement has been taken into account therein, the merchant shall pay into the reserve account, in accordance with section 260.8 of the Act, 15% more than the portion that he is then required to pay into that account, and he shall not withdrawn any excess amount pursuant to section 172.

O.C. 848-94, s. 22.