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A-25 - Automobile Insurance Act
Section 155.13
Disposition versions
155.13. (Repealed).
155.13. Where the Société’s draft financial statements for a fiscal year following the provision of a guarantee of revenue show an excess of revenue over expenditure and a contingency reserve level above $300 000 000, the Société must, forthwith, advise the Minister of Finance that it will have surplus revenue.
On request by the Minister of Finance, the Société shall pay into the consolidated revenue fund the amount of surplus revenue equal to the difference between the balance of the contingency reserve shown in the Société’s draft financial statements for the fiscal year in question and $300 000 000, up to the cumulative aggregate of the sums already withheld pursuant to section 155.11.
The terms and conditions of payment of the surplus revenue are the same as those applicable to the withholding of vehicle registration duties as guaranteed revenue.
The Société shall be released from its obligations when the cumulative aggregate of the sums paid reaches the cumulative aggregate of the sums withheld.
