AI-assisted research summary: This regulation sets out how certain insurance fund amounts are calculated and transferred, requires the corporation to pay a calculated amount to the board by December 31, 1997, requires the board to keep a reserve in a separate account, and later requires the board to pay most of that reserve to the corporation after the litigation is resolved.
Insurance Fund Transfer and Miscellaneous Regulation, M.R. 258/97 The Manitoba Telephone System Reorganization and Consequential Amendments Act , S.M. 1996, c. 79 Regulation 258/97 Registered December 22, 1997 bilingual version (HTML) Definitions 1 In this regulation, "accidental death and disablement account" means that part of the fund kept by the board in respect of the accidental death and disablement insurance agreement under The Public Servants Insurance Act ; (« compte de mort et de mutilation accidentelles ») "Act" means The Manitoba Telephone System Reorganization and Consequential Amendments Act ; («  Loi  ») "board" means The Civil Service Superannuation Board appointed under The Civil Service Superannuation Act ; (« Régie ») "current litigation" means the litigation commenced or threatened relating to the dependents' account, as described in the notes to the financial statements of the fund for the year ended April 30, 1997; (« litige ») "dependents' account" means that part of the fund kept by the board in respect of the dependents' insurance agreement under The Public Servants Insurance Act ; (« compte des personnes à charge ») "fund" means the Public Service Group Insurance Fund maintained under The Public Servants Insurance Act ; (« Caisse ») "group life account" means that part of the fund kept by the board in respect of the group life insurance agreement under The Public Servants Insurance Act ; (« compte d'assurance-vie collective ») "preliminary transfer amount" means the amount of $21,857,472 transferred by the board from the fund to the corporation; (« transfert préliminaire ») "reserve" means the amount of $952,250 in respect of the current litigation; (« réserve ») "surplus amount" means the amount of $3,822,700, representing the corporation's share of the surpluses in the group life account and the accidental death and disablement account as at December 31, 1994; (« surplus ») "value" means asset value calculated and adjusted as at December 31, 1996 and reviewed by the Provincial Auditor. (« valeur ») Group life account 2 For the purposes of subsection 15(12) of the Act, the amount of the group life account attributable to the corporation or its affiliates or their respective employees as at January 1, 1997 is the amount determined by multiplying $93,229,647, being the value of the group life account, by 15.8576%. Accidental death and disablement account 3 For the purposes of subsection 15(12) of the Act, the amount of the accidental death and disablement account attributable to the corporation or its affiliates or their respective employees as at January 1, 1997 is the amount determined by multiplying $3,596,829, being the value of the accidental death and disablement account, by 22.0178%. Dependents' account 4 For the purposes of subsection 15(12) of the Act, the amount of the dependents' account attributable to the corporation or its affiliates or their respective employees as at January 1, 1997 is the amount determined by multiplying $1,940,034, being the value of the dependents' account, by 17.2872%. Transfer to corporation 5 Subject to section 6, the corporation shall pay to the board prior to December 31, 1997, for deposit to the fund, the amount by which (a) the preliminary transfer amount; exceeds (b) the sum obtained by adding the surplus amount to the total of the amounts determined under sections 2, 3 and 4; plus interest on such amount calculated from December 31, 1996 to the date of payment to the board hereunder at an annual rate of interest of 2.87%. Reserve 6(1) The board shall hold the reserve in a separate account for use only in connection with payments which the board may be required to make in respect of a resolution of the current litigation. 6(2) As soon as practicable after a resolution of the current litigation, the board shall pay to the corporation 17.2872% of the amount of the reserve then remaining, plus interest thereon calculated from January 1, 1997 to the date of payment to the corporation hereunder at an annual rate of interest of 3.48%. Repeal 7 Manitoba Regulation 203/78 is repealed. Repeal 8 Manitoba Regulation 199/95 is repealed.