Registration of shared risk plans
2012, c.38, s.4
100.6(1)Section 10, except the fee referred to in subsection 10(2), applies with the necessary modifications to an application for the registration
(a)
of a shared risk plan that is converted from a pension plan, or
(b)
of a new shared risk plan.
100.6(2)An applicant shall pay the fee prescribed by regulation for the purposes of this section and file the following with the Superintendent:
(a)
if a pension plan is converted to a shared risk plan,
(i)
a copy of the conversion plan that
(A)
demonstrates how existing benefits are converted to benefits provided by the shared risk plan,
(B)
specifies the base benefits and ancillary benefits,
(C)
specifies the initial contributions of the employer and the members and the contribution adjustments allowed by the funding policy referred to in paragraph 100.4(1)(
b), and
(D)
demonstrates to the satisfaction of the Superintendent that the contributions are sufficient to pay for the projected base benefits and ancillary benefits and to meet all of the risk management goals under this Part and the regulations, and
(ii)
an actuarial valuation report of the status of the shared risk plan as of the conversion date;
(b)
if the shared risk plan is new,
(i)
the base benefits and ancillary benefits,
(ii)
the initial contributions of the employer and the members and the contribution adjustments allowed by the funding policy referred to in paragraph 100.4(1)(
b), and
(iii)
evidence satisfactory to the Superintendent that the contributions are sufficient to pay for the projected base benefits and ancillary benefits and to meet all of the risk management goals under this Part and the regulations;
(c)
the results of an analysis of the shared risk plan using an asset liability model that complies with the regulations and any guidelines issued by the Superintendent;
(d)
the funding policy required under paragraph 100.4(1)(
b);
(e)
the investment policy required under paragraph 100.4(1)(
c); and
(f)
any other information prescribed by regulation.
2012, c.38, s.4; 2017, c.47, s.6