15.1 Employee benefit schemes for income replacement
that are not accountable organizations within the meaning of
section 10 of the Sustainable Fiscal Planning and Reporting Act.
(2) Subject to any regulations made under subsection (3), this Act,
except section 570, does not apply to an entity to the extent of its
provision to its participants of prescribed benefits whose
subject-matter is income replacement due to disability, sickness or
disease, provided that no death benefit is payable.
(3) The Lieutenant Governor in Council may make regulations
(a) applying this Act to prescr ibed classes of non-accountable
entities in respect of their provision to their participants of
benefits referred to in subsection (2), and
(b) respecting such provision of those benefits by those classes,
and in particular, in relation to each such class,
RSA 2000
(i) the nature and sufficiency of its financial resources as a
source of continuing financial support for the financial
obligations implicit in providing the benefits,
(ii) the availability of financial statements, prepared
comparably to those referred to in section 219(1), to
participants,
(iii) the degree of segregation of any assets relating to the
provision of the benefits, or offer of the benefits, to
participants from the assets of the entity,
(iv) the adequacy of any capital or reserves maintained by
the entity to support the provision or offer of the
benefits, and
(v) the extent to which matters referred to in this subsection
are to be disclosed to participants, and the timing of any
such disclosure.
(4) Notwithstanding subsection (3)(b)(v), where a non-accountable
entity provides benefits referred to in subsection (2) that are not
underwritten by an insurer, it shall disclose to its participants, prior
to or at the time that the benefits are offered, that the benefits are
not underwritten by an insurer and that the benefits would be
payable from the net income, retained earnings or other financial
resources of the non-accountable entity.
2003 c19 s30;2005 c27 s4;2008 c19 s6;2013 cF-14.5 s26;
2015 cF-14.7 s19;2023 c3 s12