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Assessment of Financial Institutions Regulations, 2001

Version of section 7 from 2006-03-22 to 2012-12-31:

  •  (1) For the purposes of this section, Green Shield Canada shall be considered to be a property and casualty company within the meaning of subsection 2(1) of the Insurance Companies Act.

  • (2) The base assessment of a financial institution that is an insurance company, other than one referred to in section 6, shall be equal to, for any fiscal year, the greater of

    • (a) $10,000, and

    • (b) the amount determined by the formula

      (C – D) × A / B

      where

      A
      is the total amount of net revenue or the total amount of net premiums ascertained pursuant to paragraph 2(d), (e) or (f), as the case may be, in respect of the financial institution, less 25 per cent of the amount, if any, by which that total amount exceeds $100 million,
      B
      is the aggregate of the amounts determined for A, in respect of all financial institutions that are insurance companies, other than those referred to in section 6, those assessed under paragraph (a) and those referred to in subsection 3(2),
      C
      is the amount by which the amount of expenses, ascertained pursuant to subsection 23(1) of the Act, incurred for or in connection with the administration of the Insurance Companies Act and the Green Shield Canada Act and attributable to financial institutions that are insurance companies, other than those referred to in section 6, exceeds the total of any service charges, assessment surcharges and other revenues relating to the administration of those Acts and attributable to those institutions in respect of that fiscal year, and
      D
      is the aggregate of all the amounts assessed under paragraph (a) against all financial institutions that are insurance companies, other than those referred to in section 6.

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