432. Section 128 of the Act is amended by adding the following after subsection (1):

Division 22Canada Employment Insurance Financing Board

1996, c. 23Employment Insurance Act

Marginal note:2012, c. 19, s. 603(1)

• 433. (1) Paragraphs 4(2)(a) and (b) of the Employment Insurance Act are replaced by the following:

  • (a) the average for the 12-month period ending on March 31 in the preceding year of the Average Weekly Earnings for each month in that period

  by

  • (b) the ratio that the average for the 12-month period ending on March 31 in that preceding year of the Average Weekly Earnings for each month in that 12-month period bears to the average for the 12-month period ending 12 months prior to March 31 of that preceding year of the Average Weekly Earnings for each month in that 12-month period ending 12 months prior to March 31 of that preceding year.

• (2) Paragraphs 4(2)(a) and (b) of the Act are replaced by the following:

  • (a) the average for the 12-month period ending on April 30 in the preceding year of the Average Weekly Earnings for each month in that period

  by

  • (b) the ratio that the average for the 12-month period ending on April 30 in that preceding year of the Average Weekly Earnings for each month in that 12-month period bears to the average for the 12-month period ending 12 months prior to April 30 of that preceding year of the Average Weekly Earnings for each month in that 12-month period ending 12 months prior to April 30 of that preceding year.

• Marginal note:2012, c. 19, s. 603(2)

  (3) Subsection 4(3) of the Act is replaced by the following:

  • Marginal note:Subsequent years

    (3) For years subsequent to the year in which the maximum yearly insurable earnings exceeds $39,000, before rounding down under subsection (4), the maximum yearly insurable earnings is the maximum yearly insurable earnings for the preceding year, before rounding down under that subsection, multiplied by the ratio that the average for the 12-month period ending on March 31 in that preceding year of the Average Weekly Earnings for each month in that 12-month period bears to the average for the 12-month period ending 12 months prior to March 31 of that preceding year of the Average Weekly Earnings for each month in that 12-month period ending 12 months prior to March 31 of that preceding year.

• (4) Subsection 4(3) of the Act is replaced by the following:

  • Marginal note:Subsequent years

    (3) For years subsequent to the year in which the maximum yearly insurable earnings exceeds $39,000, before rounding down under subsection (4), the maximum yearly insurable earnings is the maximum yearly insurable earnings for the preceding year, before rounding down under that subsection, multiplied by the ratio that the average for the 12-month period ending on April 30 in that preceding year of the Average Weekly Earnings for each month in that 12-month period bears to the average for the 12-month period ending 12 months prior to April 30 of that preceding year of the Average Weekly Earnings for each month in that 12-month period ending 12 months prior to April 30 of that preceding year.

Marginal note:2008, c. 28, s. 125

• 434. (1) Section 65.21 of the Act is replaced by the following:

  Definition of “actuary”

  65.21 In this Part, “actuary” means the Fellow of the Canadian Institute of Actuaries whose services are engaged by the Commission under subsection 28(4) of the Department of Human Resources and Skills Development Act.

• (2) Section 65.21 of the Act is replaced by the following:

  Definition of “Board”

  65.21 In this Part, “Board” means the Canada Employment Insurance Financing Board established by subsection 3(1) of the Canada Employment Insurance Financing Board Act.

Marginal note:2012, c. 19, s. 609(1)

• 435. (1) Subsection 66(1) of the Act is replaced by the following:

  Marginal note:Annual premium rate setting

  • 66. (1) Subject to subsection (7), the Governor in Council shall, on the joint recommendation of the Minister and the Minister of Finance, set the premium rate for each year in order to generate just enough premium revenue during that year to ensure that at the end of that year the total of the amounts credited to the Employment Insurance Operating Account after December 31, 2008 is equal to the total of the amounts charged to that Account after that date.

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(1)

  (2) The portion of subsection 66(2) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Factors

    (2) The Governor in Council shall set the premium rate based on

• (3) The portion of subsection 66(2) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Factors

    (2) Subject to any regulations made under subsections 66.1(2) and 66.2(2), the Board shall set the premium rate based on

• Marginal note:2012, c. 19, s. 609(3)

  (4) Paragraph 66(2)(b) of the Act is repealed.

• (5) Subsection 66(2) of the Act is amended by adding the following after paragraph (a):

  • (b) the amount by which the Board’s financial assets exceed its financial liabilities;

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(1)

  (6) Paragraph 66(2)(f) of the English version of the Act is replaced by the following:

  • (f) any other information that the Governor in Council considers relevant.

• (7) Paragraph 66(2)(f) of the English version of the Act is replaced by the following:

  • (f) any other information that the Board considers relevant.

• Marginal note:2012, c. 19, s. 609(7)

  (8) Subsection 66(9) of the Act is replaced by the following:

  • Marginal note:Time limit

    (9) On or before September 14 in a year, the Governor in Council shall set the premium rate for the following year.

• (9) Subsection 66(9) of the Act is replaced by the following:

  • Marginal note:Time limit

    (9) On or before September 14 in a year, the Board shall set the premium rate for the following year.

Marginal note:2012, c. 19, s. 610(1)

• 436. (1) The portion of subsection 66.1(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Information provided

  • 66.1 (1) The Minister shall, on or before June 22 in a year, provide the actuary with the following information:

• (2) The portion of subsection 66.1(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Information provided

  • 66.1 (1) The Minister shall, on or before July 31 in a year, provide the Board with the following information:

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(3)

  (3) Paragraph 66.1(1)(b) of the Act is replaced by the following:

  • (b) the forecast costs to be paid under paragraphs 77(1)(d), (f) and (g) during the following year, including any forecast change in those costs resulting from any change to the payments referred to in paragraph (a);

• (4) Paragraph 66.1(1)(b) of the Act is replaced by the following:

  • (b) the forecast costs to be paid under paragraphs 77(1)(d) and (g) during the following year, including any forecast change in those costs resulting from any change to the payments referred to in paragraph (a);

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(3)

  (5) Subsection 66.1(1) of the Act is amended by adding “and” at the end of paragraph (b), by striking out “and” at the end of paragraph (c) and by repealing paragraph (d).

• (6) Subsection 66.1(1) of the Act is amended by adding “and” at the end of paragraph (c) and by adding the following after paragraph (c):

  • (d) any prescribed information.

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(4)

  (7) Subsection 66.1(2) of the Act is replaced by the following:

  • Marginal note:Updated information

    (2) In addition to the information provided under paragraph (1)(c), the Minister may, on or before July 12 in a year, provide the actuary with an update of the information referred to in that paragraph.

• (8) Subsection 66.1(2) of the Act is replaced by the following:

  • Marginal note:Regulations

    (2) On the recommendation of the Minister, the Governor in Council may make regulations

    • (a) prescribing information referred to in paragraph (1)(d); and

    • (b) specifying which of the information referred to in subsection (1) is binding on the Board.

Marginal note:2012, c. 19, s. 611(1)

• 437. (1) The portion of subsection 66.2(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Information provided

  • 66.2 (1) The Minister of Finance shall, on or before June 22 in a year, provide the actuary with the following information:

• (2) The portion of subsection 66.2(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Information provided

  • 66.2 (1) The Minister of Finance shall, on or before July 31 in a year, provide the Board with the following information:

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(5)

  (3) Subsection 66.2(1) of the Act is amended by adding “and” at the end of paragraph (a) and by replacing paragraphs (b) to (d) with the following:

  • (b) the amounts forecast under subparagraphs 77.1(a)(i) and (ii) and the total estimated under subparagraph 77.1(a)(iii).

• (4) Paragraph 66.2(1)(b) of the Act is replaced by the following:

  • (b) the amounts forecast under subparagraphs 77.1(1)(a)(i) and (ii) and the total estimated under subparagraph 77.1(1)(a)(iii);

  • (c) the amount of any payment to be made under subsection 77.1(2) or (4) during the year; and

  • (d) any prescribed information.

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(6)

  (5) Subsection 66.2(2) of the Act is replaced by the following:

  • Marginal note:Updated information

    (2) In addition to the information provided under paragraph (1)(b), the Minister of Finance may, on or before July 12 in a year, provide the actuary with an update of the information referred to in that paragraph.

  • Marginal note:Information provided to Governor in Council

    (3) When a joint recommendation is made under subsection 66(1) in a year, the Minister of Finance shall provide the Governor in Council with the information that was provided to the actuary under subsections (1) and (2).

• (6) Subsections 66.2(2) and (3) of the Act are replaced by the following:

  • Marginal note:Regulations

    (2) On the recommendation of the Minister of Finance, the Governor in Council may make regulations

    • (a) prescribing information referred to in paragraph (1)(d); and

    • (b) specifying which of the information referred to in subsection (1) is binding on the Board.

Marginal note:2005, c. 30, s. 126; 2008, c. 28, s. 127; 2012, c. 19, s. 612

• 438. (1) Sections 66.3 to 66.6 of the Act are replaced by the following:

  Marginal note:Actuary’s report

  66.3 The actuary shall prepare actuarial forecasts and estimates for the purposes of sections 4, 66 and 69 and shall, on or before July 22 in a year, provide the Commission with a report that sets out

  • (a) the forecast premium rate for the following year and a detailed analysis in support of the forecast;

  • (b) the calculations performed for the purposes of sections 4 and 69;

  • (c) the information provided under section 66.1; and

  • (d) the source of the data, the actuarial and economic assumptions and the actuarial methodology used.

  Marginal note:Report and summary

  • 66.31 (1) The Commission shall, on or before July 31 in a year, provide the Minister and the Minister of Finance with the report referred to in section 66.3 and a summary of that report.

  • Marginal note:Information provided to Governor in Council

    (2) When a joint recommendation is made under subsection 66(1) in a year, the Minister shall provide the Governor in Council with the report and its summary.

  • Marginal note:Tabling in Parliament

    (3) After a premium rate is set under section 66, the Minister shall cause the report and its summary to be laid before each House of Parliament on any of the next 10 days during which that House is sitting.

  Marginal note:Rounding percentage rates

  66.4 If the calculation of a premium rate under section 66 results in a rate that includes a fraction of one per cent, the resulting percentage is to be rounded to the nearest one hundredth of one per cent or, if the resulting percentage is equidistant from two one-hundredths of one percent, to the higher of them.

  Marginal note:Statutory Instruments Act

  66.5 The Statutory Instruments Act does not apply in respect of a premium rate set under section 66 or the premiums determined under sections 67 and 68. However, the premium rates must, as soon as possible, be published by the Minister in Part I of the Canada Gazette.

  Marginal note:User Fees Act

  66.6 For greater certainty, the User Fees Act does not apply in respect of the premium rate set under section 66 or the premiums determined under sections 67 and 68.

• (2) Sections 66.3 to 66.6 of the Act are replaced by the following:

  Marginal note:Governor in Council

  • 66.3 (1) On the joint recommendation of the Minister and the Minister of Finance, the Governor in Council may, on or before September 30 in a year,

    • (a) if the Governor in Council considers it to be in the public interest, substitute a premium rate for the following year that is different from the one set by the Board under section 66; or

    • (b) if the Board has not set a premium rate under that section by September 14 in the year, set one for the following year.

  • Marginal note:Non-application of subsection 66(7)

    (2) Subsection 66(7) does not apply to the setting of the premium rate under subsection (1).

  Marginal note:Rounding percentage rates

  66.4 If the calculation of a premium rate under section 66 or 66.3 results in a rate that includes a fraction of one per cent, the resulting percentage is to be rounded to the nearest one hundredth of one per cent or, if the resulting percentage is equidistant from two one-hundredths of one percent, to the higher of them.

  Marginal note:Statutory Instruments Act

  66.5 The Statutory Instruments Act does not apply in respect of a premium rate set under section 66 or 66.3 or the premiums determined under sections 67 and 68. However, the premium rates must, as soon as possible, be published by the Board in Part I of the Canada Gazette.

  Marginal note:User Fees Act

  66.6 For greater certainty, the User Fees Act does not apply in respect of the premium rate set under section 66 or 66.3 or the premiums determined under sections 67 and 68.