R-17.0.1, r. 1 - Regulation respecting applications for authorization and liability insurance coverage for administrators of voluntary retirement savings plans

Section 4 Disposition versions

2014-04-16

4. For purposes of section 31 of the Voluntary Retirement Savings Plans Act (chapter R-17.0.1), the liability insurance that the plan administrator is required to maintain at all times must satisfy the following requirements:

(1)  contain the clauses referred to in paragraphs 1 and 3 of section 3;

(2)  in respect of each clause referred to in Appendix A of this Regulation, provide an indemnity in the highest of the following amounts:

(a)  $1,000,000;

(b)  1% of the assets of the voluntary retirement savings plan administered by the administrator, calculated using the most recent audited financial statements for the activities of the plan;

(c)  the amount determined by a resolution of the board of directors of the administrator based on a risk analysis of the voluntary retirement savings plan administered by it.

M.O. 2014-02, s. 4.