291(1)If it appears to the Superintendent from the statement and reports filed with him or her, or from an examination or valuation, that the assets of a society, applicable for the purpose are insufficient to provide for the payment of its contracts at maturity without deduction or abatement and without increase in its existing rates of contribution, the Superintendent shall require the society to make an increase in its rates of contribution or a reduction in the benefits payable under its contracts or any other change that will enable the society to provide for the payment of its contracts at maturity.

291(2)An increase in rates of contribution, a reduction in benefits payable or any other change required by the Superintendent under subsection (1) shall be made within the time specified by the Superintendent, which shall not exceed four years from the date the society receives notice of the requirement.

291(3)On receipt of notice of such requirement the society shall, in accordance with its laws or constitution, put into effect such changes as are approved by the actuary appointed by the society for the purpose.

291(4)For the purpose of considering the request of the Superintendent, the governing executive authority of the society may call a special meeting of the supreme legislative body of the society upon such notice as it deems reasonable.

291(1)If it appears to the Superintendent from the statement and reports filed with him, or from an examination or valuation, that the assets of a society, applicable for the purpose are insufficient to provide for the payment of its contracts at maturity without deduction or abatement and without increase in its existing rates of contribution, he shall make a special report to the Minister as to the financial condition of the society.

291(2)If the Minister, after consideration of the report, concurs in the opinion of the Superintendent, he shall require the society to make within such time as he prescribes, but not exceeding four years, such increase in its rates of contribution or such reduction in the benefits payable under its contracts or such other changes as will enable the society to provide for the payment of its contracts at maturity.

291(3)On receipt of notice of such requirement the society shall, in accordance with its laws or constitution, put into effect such changes as are approved by the actuary appointed by the society for the purpose.

291(4)For the purpose of considering the request of the Minister, the governing executive authority of the society may call a special meeting of the supreme legislative body of the society upon such notice as it deems reasonable.