Advanced Search

1 The following definitions apply in these Regulations.

institution

institution  means any of the following:

• (a) a bank, as defined in section 2 of the Bank Act;

• (b) an authorized foreign bank, as defined in section 2 of the Bank Act;

• (c) a retail association, as defined in section 2 of the Cooperative Credit Associations Act;

• (d) a company, as defined in subsection 2(1) of the Insurance Companies Act;

• (e) a society, as defined in subsection 2(1) of the Insurance Companies Act;

• (f) a company, as defined in section 2 of the Trust and Loan Companies Act. (institution)

[...]

4 Every institution that provides residential mortgages to borrowers and charges them an amount for mortgage insurance must

• [...]

• (c) provide to each borrower that the institution charges for mortgage insurance, in a separate document, at or before the time that they enter into the mortgage agreement,

  • (i) the information referred to in sections 5 to 10 as it applies to that particular borrower,

  • (ii) the total of the amounts referred to in paragraphs 7(a), 8(c) and 9(c) and subparagraphs 10(a)(iii) and (b)(iii) as they apply to that particular borrower, and

  • (iii) the total of the percentages referred to in paragraphs 7(b), 8(b) and 9(b) and subparagraphs 10(a)(ii) and (b)(ii) as they apply to that particular borrower.

10 If, on the first day of a fiscal quarter that begins on or after January 1, 2011 or includes but does not begin on that day, an institution has, in any of the first four fiscal quarters of the preceding five fiscal quarters, received payments or benefits under an arrangement in respect of mortgage insurance from an insurer on a basis other than that referred to in section 7 and one or more of those five preceding fiscal quarters begins before July 1, 2010, the institution must

• (a) if the fiscal quarter begins on or after January 1, 2011, disclose

  • [...]

  • (ii) each of the total amounts referred to in subparagraph (i) expressed, respectively, as a percentage of the total amount expected to be paid to the insurer by the institution in respect of policies and guarantees in that fiscal quarter and the three following fiscal quarters, and

• (b) if the fiscal quarter includes January 1, 2011 but does not begin on that day, disclose

  • [...]

  • (ii) each of the total amounts referred to in subparagraph (i) expressed, respectively, as a percentage of the total amount paid or expected to be paid to the insurer by the institution in respect of policies and guarantees in that fiscal quarter and the three following fiscal quarters, and

11 For greater certainty, the payments referred to in sections 7 to 10 do not include any payment received by the institution in respect of a claim made by the institution under the mortgage insurance as a result of a default on the residential mortgage that is the subject of the insurance.

9 If, on the first day of a fiscal quarter, an institution has not, in any of the first four fiscal quarters of the preceding five fiscal quarters, received payments or benefits in respect of mortgage insurance from an insurer under an arrangement referred to in subsection 6(1), but expects to receive such payments or benefits from an insurer in that fiscal quarter, or in any of the three following fiscal quarters, on a basis other than that referred to in section 7, the institution must disclose

• [...]

• (b) each of the total amounts referred to in paragraph (a) expressed, respectively, as a percentage of the total amount expected to be paid to the insurer by the institution in respect of policies and guarantees in that fiscal quarter and the three following fiscal quarters; and