Acts and Regulations

I-12 - Insurance Act

Section 242.3
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Estimate and payment of levy
242.3(1)Before April 1 of each year, the provincial authority shall establish an estimate of the amount of the levy applicable on January 1 of the current calendar year.
242.3(2)Before May 15 of each year, the provincial authority shall give notice to each insurer of the amount of the estimated levy the insurer is obliged to pay.
242.3(3)The amount of the estimated levy an insurer is obliged to pay constitutes a debt payable to the Crown and shall be paid in accordance with subsection (4).
242.3(4)On receipt of the notice given under subsection (2), an insurer shall remit to the Minister equal quarterly payments as follows:
(a) the first payment shall be made before June 30 of the year in respect of which the estimate is made;
(b) the second payment shall be made before September 30 of the year in respect of which the estimate is made;
(c) the third payment shall be made before December 31 of the year in respect of which the estimate is made;
(d) the fourth payment shall be made before March 15 of the year following the year in respect of which the estimate is made.
1992, c.83, s.1; 2008, c.2, s.10; 2013, c.31, s.20; 2019, c.29, s.74; 2021, c.8, s.38; 2023, c.17, s.114
Estimate and payment of levy
242.3(1)Before April 1 of each year, the provincial authority shall establish an estimate of the amount of the levy applicable on January 1 of the current calendar year.
242.3(2)Before May 15 of each year, the provincial authority shall give notice to each insurer of the amount of the estimated levy the insurer is obliged to pay.
242.3(3)The amount of the estimated levy an insurer is obliged to pay constitutes a debt payable to Her Majesty and shall be paid in accordance with subsection (4).
242.3(4)On receipt of the notice given under subsection (2), an insurer shall remit to the Minister equal quarterly payments as follows:
(a) the first payment shall be made before June 30 of the year in respect of which the estimate is made;
(b) the second payment shall be made before September 30 of the year in respect of which the estimate is made;
(c) the third payment shall be made before December 31 of the year in respect of which the estimate is made;
(d) the fourth payment shall be made before March 15 of the year following the year in respect of which the estimate is made.
1992, c.83, s.1; 2008, c.2, s.10; 2013, c.31, s.20; 2019, c.29, s.74; 2021, c.8, s.38
Estimate and payment of levy
242.3(1)Before April 1 of each year, the provincial authority shall establish an estimate of the amount of the levy applicable on January 1 of the current calendar year.
242.3(2)Before May 15 of each year, the provincial authority shall give notice to each insurer of the amount of the estimated levy the insurer is obliged to pay.
242.3(3)The amount of the estimated levy an insurer is obliged to pay constitutes a debt payable to Her Majesty and shall be paid in accordance with subsection (4).
242.3(4)On receipt of the notice given under subsection (2), an insurer shall remit to the Minister of Finance and Treasury Board equal quarterly payments as follows:
(a) the first payment shall be made before June 30 of the year in respect of which the estimate is made;
(b) the second payment shall be made before September 30 of the year in respect of which the estimate is made;
(c) the third payment shall be made before December 31 of the year in respect of which the estimate is made;
(d) the fourth payment shall be made before March 15 of the year following the year in respect of which the estimate is made.
1992, c.83, s.1; 2008, c.2, s.10; 2013, c.31, s.20; 2019, c.29, s.74
Estimate and payment of levy
242.3(1)Before April 1 of each year, the provincial authority shall establish an estimate of the amount of the levy applicable on January 1 of the current calendar year.
242.3(2)Before May 15 of each year, the provincial authority shall give notice to each insurer of the amount of the estimated levy the insurer is obliged to pay.
242.3(3)The amount of the estimated levy an insurer is obliged to pay constitutes a debt payable to Her Majesty and shall be paid in accordance with subsection (4).
242.3(4)On receipt of the notice given under subsection (2), an insurer shall remit to the Minister of Finance equal quarterly payments as follows:
(a) the first payment shall be made before June 30 of the year in respect of which the estimate is made;
(b) the second payment shall be made before September 30 of the year in respect of which the estimate is made;
(c) the third payment shall be made before December 31 of the year in respect of which the estimate is made;
(d) the fourth payment shall be made before March 15 of the year following the year in respect of which the estimate is made.
1992, c.83, s.1; 2008, c.2, s.10; 2013, c.31, s.20
Estimate and payment of levy
242.3(1)The provincial authority shall, before April 1 of each year,
(a) establish an estimate of the amount of the levy applicable on January 1 of the current calendar year, and
(b) inform the Superintendent of the amount of the estimated levy.
242.3(2)The Superintendent shall, before May 15 of each year, give notice to the insurer of the amount of the estimated levy the insurer is obliged to pay.
242.3(3)Each insurer shall on receipt of the notice given under subsection (2) remit to the Superintendent equal quarterly payments as follows:
(a) the first payment shall be made before June 30 of the year in respect of which the estimate is made;
(b) the second payment shall be made before September 30 of the year in respect of which the estimate is made;
(c) the third payment shall be made before December 31 of the year in respect of which the estimate is made;
(d) the fourth payment shall be made before March 15 of the year following the year in respect of which the estimate is made.
1992, c.83, s.1; 2008, c.2, s.10
Establishment of levy for 1994 and thereafter
242.3(1)The provincial authority shall, before October 1, 1993 and before October 1 of each subsequent year,
(a) establish an estimate of the amount of the levy applicable on January 1 of the next calendar year, and
(b) inform the Superintendent of the amount of the estimated levy.
242.3(2)The Superintendent shall before January 15, 1994 and before January 15 of each subsequent year give notice to the insurer of the amount of the estimated levy the insurer is obliged to pay.
242.3(3)Each insurer shall upon receipt of the notice given under subsection (2) remit to the Superintendent equal quarterly payments as follows:
(a) the first payment shall be made before March 15 of the year in respect of which the estimate is made;
(b) the second payment shall be made before June 30 of the year in respect of which the estimate is made;
(c) the third payment shall be made before September 30 of the year in respect of which the estimate is made;
(d) the fourth payment shall be made before December 31 of the year in respect of which the estimate is made.
1992, c.83, s.1