Coming into force of the Service Charge Regulations
The Regulations Amending the Charges for Services Provided by the Office of the Superintendent of Financial Institutions Regulations 2002 (the Regulations) were registered and took effect on April 28, 2006, and are published in the May 17, 2006 issue of the Canada Gazette, Part II (SOR 2006/74). The Regulations reduce the number of service charges for services offered by OSFI from 52 to 14. The service charges that remain are those that are paid by non-federally regulated institutions such as new applicants, and those that are charged for rulings, interpretations, capital quality confirmations, and copies of corporate documents.
Coming into force of Revised ICA Schedule (Classes of Insurance)
The Order Amending the Schedule to the Insurance Companies Act (revised Schedule) came into effect on June 23, 2006 and is published in the July 12, 2006 issue of the Canada Gazette, Part II (SOR 2006/157). The Revised Schedule reduces the number of classes of insurance to nineteen and forms the basis for federal class definitions to be harmonized with most provincial and territorial definitions. The Revised Schedule results from a project undertaken by the Canadian Council of Insurance Regulators, to harmonize the system of classes of insurance used across Canada by reducing the number of classes of insurance, developing one set of common definitions and streamlining the regulatory processes involving classes of insurance.