Recovery of Insurance Administration Costs Regulation (Alta. Reg. 102/2022)

Alta. Reg. 102/2022

Alberta — Regulations

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(no amdt) ALBERTA REGULATION 102/2022 Captive Insurance Companies Act Insurance Act RECOVERY OF INSURANCE ADMINISTRATION COSTS REGULATION Table of Contents 1

Interpretation 2 Authority to charge administration fees 3 Calculation of administration fees 4 Application 5 Repeal 6 E x p i r y 7 Coming into force

Interpretation 1(1) In this Regulation, “insurer” means (

a) a captive insurance compan y that is licensed under the Captive Insurance Companies Act, and (

b) an insurer that is licensed under

section 19(1) or (2) of the Insurance Act and includes a person who exchanges with other persons reciprocal contracts of indemnity or inter-insurance as part of a reciprocal insurance exchange.

(2) A reference to “the Acts and the regulations” includes (

a) t h e Captive Insurance Companies Act and the regulations under that Act, and (

b) t h e Insurance Act and the regulations under that Act. Authority to charge administration fees 2(1) Each fiscal year the Superintendent is authorized to charge insurers an administration fee to be used to recover the costs incurred in the administration of the Acts and the regulations for that year.

(2) The Superintendent shall, on or before October 1 of each year, send a notice to each insurer indicating the amount of the

Section 3 AR 102/2022 RECOVERY OF INSURANCE ADMINISTRATION COSTS REGULATION 2 administration fee payable under

section 3 for the current fiscal year and indicating the date by which the amount is due. Calculation of administration fees 3(1) Subject to subsection (2), the administration fee payable by each insurer in respect of a fiscal year shall be calculated in accordance with the following formula: A = B x (D-E-

F) C w h e r e A is the amount of the administration fee payable by the insurer; B is the insurer’s total direct premiums written by the insurer in the previous calendar year, as reported under

section 35 of the Captive Insurance Companies Act and sections 44 and 46 of the Insurance Act; C is the total of the direct p remiums written for all insurers in the previous calendar year, as reported under

section 35 of the Captive Insurance Companies Act and sections 44 and 46 of the Insurance Act; D is the annual budget approved by the Minister for the administration of the Acts and the regulations for the fiscal year; E is 1/2 of the amount of the licence fees paid by all insurer s for the current calendar year; F is, with respect to administ ration fees payable for the 2022 and subsequent fiscal years, the amount by which the administration fees collected from all insurers for the previous fiscal year exceed the actual expenditures for the administration of the Acts and the regulations for that same year.

(2) No fee is payable by an insurer under this

section if the amount calculated for that insurer is less than $250. Application 4 This Regulation applies for the 2022 fiscal year and subsequent fiscal years.

Section 5 AR 102/2022 RECOVERY OF INSURANCE ADMINISTRATION COSTS REGULATION 3 Repeal 5 The Recovery of Administration Costs Regulation (AR 199/2009) is repealed. Expiry 6 For the purpose of ensuring that this Regulation is reviewed for ongoing relevancy and necessity, with the option that it may be repassed in its present or an amended form following a review, this Regulation expires on January 31, 2027. Coming into force 7 This Regulation comes into force on the coming into force of

section 82 of the Captive Insurance Companies Act.

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Document details

Collection	Alberta — Regulations
Citation	Alta. Reg. 102/2022
Type	regulation
Volume / chapter	2022 102
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	ccc791f17f238d743394bd7cfa83a61bdda1386e

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