Acts and Regulations

W-13 - Workers’ Compensation Act

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Capitalized reserves
56(1)The Commission may, in respect of any industry or class where it is deemed expedient, assess, levy and collect in each year a sufficient amount to provide capitalized reserves that shall be deemed sufficient to meet the periodical payments accruing in future years in respect of all accidents during such year and administrative costs in connection therewith.
56(1.1)Notwithstanding subsection (1), in the event the Commission does not assess, levy and collect a sufficient amount to provide the capitalized reserves referred to therein, the Commission shall in respect of any industry or class within five years of determining the insufficiency of the capitalized reserves assess, levy and collect sufficient funds to meet the insufficiency of the capitalized reserves.
56(2)The Commission may, in addition to the amount actually required in each class for the year, assess and levy upon and collect from any class or classes a surcharge or surcharges to be set aside as a reserve or reserves,
(a) by way of providing a contingent fund in aid of industries or classes which may become depleted or extinguished,
(b) by way of providing a sinking fund for the capitalization of periodical compensation payments payable in future years, or
(c) by way of setting up a reserve fund for the equalizing of assessments.
56(3)Upon any such change being made as provided for in subsection (2) the Commission may make such adjustment and disposition of the funds, reserves and accounts of the classes affected as may be deemed just and expedient.
R.S., c.255, s.51; 1994, c.70, s.12