Office of the Superintendent of Financial Institutions Act

Marginal note:Superintendent to ascertain expenses

• 23 (1) The Superintendent shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year for or in connection with the administration of the Bank Act, the Cooperative Credit Associations Act, the Green Shield Canada Act, the Insurance Companies Act, the Protection of Residential Mortgage or Hypothecary Insurance Act and the Trust and Loan Companies Act.

• Marginal note:Expenses — pension plans

  (1.1) In every fiscal year, the Superintendent shall

  • (a) estimate the total amount of expenses to be incurred by the Office during the following fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act; and

  • (b) ascertain the total amount of expenses incurred by the Office during the preceding fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act.

• Marginal note:Amount conclusive

  (2) Any amount ascertained or estimated by the Superintendent under subsection (1) or (1.1), as the case may be, is final and conclusive for the purposes of this section.

• Marginal note:Assessment

  (3) As soon as possible after ascertaining the amount referred to in subsection (1), the Superintendent shall assess the amount against each financial institution, bank holding company and insurance holding company to any extent and in any manner that the Governor in Council may, by regulation, prescribe.

• Marginal note:Interim assessment

  (4) The Superintendent may, during each fiscal year, prepare an interim assessment against any financial institution, bank holding company or insurance holding company.

• Marginal note:Assessment — pension plans

  (5) In every fiscal year, the Superintendent shall assess, in the prescribed manner, an amount against the administrator of a pension plan. The amount is to be determined as prescribed.

• Marginal note:Determination of amount assessed

  (6) The determination of the amount referred to in subsection (5) shall take into account the amounts referred to in subsection (1.1).