Public Accountability Statements (Insurance Companies and Trust and Loan Companies) Regulations

Marginal note:What statement must contain

• 3 (1) Subject to subsections (2) and (3), the public accountability statement must contain,

  • (a) a list of affiliates of the declarant in respect of which the statement is published;

  • (b) a list of affiliates of the declarant in respect of which the public accountability statement of another declarant is published for the period and the name of the other declarant;

  • (c) detailed examples, in relation to the declarant and the affiliates in respect of which the statement is published,

    • (i) of their goals in the area of community development and of their participation during the period in activities for the purpose of community development, including the making of financial contributions for that purpose,

    • (ii) of activities undertaken on their behalf during the period by their employees on a voluntary basis for the purpose of community development,

    • (iii) of charitable donations that they made during the period,

    • (iv) of their philanthropic activities, other than charitable donations, during the period, including their total value in money to the extent that the value of those activities can be expressed in money, and

    • (v) of any new initiatives or technical assistance programs that they undertook during the period in relation to

      • (A) financing for small businesses, and

      • (B) investments or partnerships in micro-credit programs;

  • (d) the total value in money of either

    • (i) the charitable donations made during the period by the declarant and the affiliates in respect of which the statement is published, or

    • (ii) the charitable donations made during the period by the financial group of which the declarant is a member;

  • (e) a report, in respect of the declarant and the affiliates in respect of which the statement is published, setting out the total amount of money that they authorized to be made available during the period by way of debt financing to firms in Canada, and then setting out that amount broken down, by province, in accordance with the amount of debt financing that was authorized, and the number of firms to which it was authorized, within each of the following ranges, namely,

    • (i) $0 to $24,999,

    • (ii) $25,000 to $99,999,

    • (iii) $100,000 to $249,999,

    • (iv) $250,000 to $499,999,

    • (v) $500,000 to $999,999,

    • (vi) $1,000,000 to $4,999,999, and

    • (vii) $5,000,000 and greater;

  • (f) an overview of initiatives undertaken during the period, by the declarant and by the affiliates in respect of which the statement is published, to improve access to financial services for low-income individuals, senior citizens and disabled persons;

  • (g) in the case of a declarant that is a bank referred to in subsection 459.3(1) of the Bank Act or a company referred to in subsection 444.2(1) of the Trust and Loan Companies Act, a listing of the street addresses, including, where necessary, the precise location, in each province, of the facilities that were opened or closed by the declarant during the period, if those facilities are or were

    • (i) branches, or

    • (ii) facilities, other than branches, at which the declarant has opened or has initiated the opening of deposit accounts through a natural person and with customers in person, or at which the declarant has accepted deposits from customers or disbursed cash to customers;

  • (h) the number of individuals employed in each province at financial year-end by the declarant and by the affiliates in respect of which the statement is published, including

    • (i) the number of full-time positions held by those individuals, and

    • (ii) the number of part-time positions held by those individuals; and

  • (i) the total amount of income and capital taxes paid or payable by the financial group of which the declarant is a member in respect of its financial year, broken down by total amounts paid or payable to federal and provincial governments.

• Marginal note:Non-application

  (2) Subparagraph (1)(c)(v) and paragraph 1(e) do not apply to insurance companies if they did not participate in the activities described in those provisions over the course of the period.

• Marginal note:Refusal

  (3) A declarant may refuse to report the information required under paragraph (1)(e) for the ranges set out in subparagraphs (vi) and (vii) if, by providing that information, a firm could be identified.