Service Standards

Document Properties

• Date: June 2005

SERVICE STANDARD 1 - Superintendent Deemed Approvals 90% will be processed in less than 30 calendar days of receipt

For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. (Note, information requirements for Superintendent Deemed Approvals are described in the OSFI Transaction instructions for applications subject to the deemed approval process available on OSFI's Web site at: http://www.osfi-bsif.gc.ca/Eng/fi-if/app/aag-gad/ti-io/tida-ioa/Pages/default.aspx.)

OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a “deficiency letter” to the applicant and the review will continue. For Deemed Approvals only, OSFI will issue a “notice of extension” if it is going to take more than 30 days (from the date of the “application receipt”) to complete the approval. (This is necessary because otherwise, the application would be “deemed” approved after 30 days.) For the purposes of measuring performance against the service standard, the final day of the process is the day that the decision is made by the Superintendent to approve or deny the request for approval or the day that the applicant decides to withdraw the application or request an extension.

SERVICE STANDARD 2 - Superintendent Non-deemed Approvals except those in Category 3 90% will be processed in less than 60 calendar days of receipt

For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a “deficiency letter” to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that the decision is made by the Superintendent to approve or deny the request for approval or the day that the applicant decides to withdraw the application or place it on hold.

SERVICE STANDARD 3 - Superintendent Non-deemed Approvals of Deposit and Trust Agreements and Letters of Credit (Processed by the Securities Administration Unit) 90% will be processed in less than 15 business days of receipt

For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all material information relevant to the approval requirements. For the purposes of measuring performance against the service standard:

• The final day for processes involving (a) the approval of a deposit agreement or of a trust deed to maintain assets in Canada, or (b) the approval of a reinsurance security agreement or an amendment to such an agreement, is the day that the decision is made by the Superintendent to approve or deny the request for approval or the day that the applicant decides to withdraw the application or request an extension;

• The final day for processes involving the approval of a letter of credit in lieu of assets, is the day that OSFI advises the applicant that the letter of credit meets OSFI's requirements.

SERVICE STANDARD 4 - Ministerial Approvals 80% will be processed in less than 90 calendar days of receipt

This service standard is more lenient than the Superintendent Approvals (Categories 1 to 3) because Ministerial Approvals typically involve more complex cases that demand additional time. For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a “deficiency letter” to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that a Recommendation Memorandum has been sent to the Minister to approve or deny the application or the day that the applicant decides to withdraw the application or place it on hold.

SERVICE STANDARD 5 - Precedents/Rulings/Interpretations 80% will be processed in less than 180 calendar days of receipt

This service standard is the most lenient service standard because these requests typically take a considerable amount of time for analysis. For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the request and determines that the application is complete. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a “deficiency letter” to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that a ruling or interpretation is issued to the applicant or the day the applicant decides to place the request on hold.

SERVICE STANDARD 6 - Non-precedential Confirmations of Quality of Capital 90% will be processed in less than 60 calendar days of receipt

For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a “deficiency letter” to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that a confirmation is issued to the applicant or the day the applicant requests to place the application on hold.

SERVICE STANDARD 7 - Copies of corporate documents and certificates of confirmation 90% will be processed in less than 2 business days of receipt

For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives the request. If a request is made for delivery at a day longer than 2 business days after the request, for the purposes of measuring performance against the service standard, OSFI will be viewed as having met the service standard.