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Newfoundland and Labrador extends solvency funding relief

Newfoundland and Labrador has amended the Solvency Funding Relief Regulations effective December 20, 2011. The amendments extend the relief under the Regulations introduced on May 26, 2008, to valuation reports dated January 1, 2010, to January 1, 2013, by allowing one of the following methods:

  • Consolidate previous solvency deficiencies into a new single five-year period, provided this relief was not previously applied;
  • Extend the solvency funding period from 5 to 10 years, provided no more than 1/3 of members or former members object; or
  • Use a letter of credit to extend the solvency funding period to 10 years.