Crown Corporations - Reduction of Solvency Special Payments

Crown Corporations are reminded that if they elect to reduce a payment that they are required to make under subsection 9(1.1) of the PBSA, they must meet the prescribed conditions set out in section 9.2 of the PBSR. That is, they must:

• be agents of Her Majesty in right of Canada,
• provide notice to and obtain letters from the appropriate Ministers, and
• file the letters with the Superintendent within 60 days after the reduction is made.