Licensing Administrator of Financial Institution Pension Plan

(1) A financial institution that wishes to be licensed to administer a financial institution pension plan shall, in addition to the application and other requirements under the Act and these Regulations, submit a document establishing the following (a) an estimate of the investment fees and of any transactional fees, levies and other charges that would be charged to the member on an individual basis; (b) information demonstrating that the financial institution has a minimum share capital of $500,000 or 2% of total assets managed whichever is greater; (c) the procedures in place to identify, manage and control the risks associated with a (d) the operational capacity to administer a financial institution pension plan; and (e) information demonstrating that the officers and directors of the corporation are of good character, having demonstrated honesty, Private Pensions 23 integrity and ethical behaviour in all of their professional activities. (2) The Supervisor may only license the administrator of a financial institution pension plan if satisfied that all of the requirements of subregulation (1) have been met. (3) A licence may be issued for a term of five years, subject to the payment to the Supervisor of the specified fee for the annual licence– (a) firstly, on approval of the grant of the licence; and (b) thereafter annually, while the licence remains in force, on or before the anniversary date of the grant of the licence. (4) Within 3 months prior to the expiration of a licence, a financial institution must apply for the renewal prior to a licence to administer a financial institution pension plan or arrange for the transfer of administration to another licensed financial (5) The Supervisor of Pensions may cancel the licence to administer a pension plan if the plan ceases to be in compliance with the Act or Regulations as provided for in section 10 of the Act. CAP. 30:01. (6) The application for a licence to administer a financial institution pension plan shall be accompanied by the specified fee. 24 Private Pensions