Mortgage Insurance Disclosure (Trust and Loan Companies, Retail Associations, Canadian Insurance Companies and Canadian Societies) Regulations (SOR/2010-69)

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

  • (i) in respect of each type of activity for which the institution expects to receive payments or benefits in respect of mortgage insurance from that insurer under an arrangement referred to in subsection 6(1) in that fiscal quarter and the three following fiscal quarters, the total amount, expressed in dollars, of such payments or benefits,

  • (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

  • (iii) in respect of a particular borrower that obtains a residential mortgage from that institution, the amounts, expressed in dollars, that are determined by multiplying the amount that the institution charges the borrower for mortgage insurance by each of the percentages referred to in subparagraph (ii); and

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

  • (i) in respect of each type of activity for which the institution receives or expects to receive payments or benefits in respect of mortgage insurance from that insurer under an arrangement referred to in subsection 6(1) in that fiscal quarter and the three following fiscal quarters, the total amount, expressed in dollars, of such payments or benefits,

  • (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

  • (iii) in respect of a particular borrower that obtains a residential mortgage from that institution, the amounts, expressed in dollars, that are determined by multiplying the amount that the institution charges the borrower for mortgage insurance by each of the percentages referred to in subparagraph (ii).