CDIC member institutions must now provide both information AND documents to avoid a premium surcharge

Plain-language summary · AI-assisted · not legal advice

A previously pending amendment to the Canada Deposit Insurance Corporation Prescribed Practices Premium Surcharge By-law has now come into force. Under the updated rule, a member institution triggers a premium surcharge if it fails to give CDIC both the information and the documents specified in its deposit insurance policy — where before, only "information" was explicitly listed. Member institutions (banks, trust companies, loan companies, cooperative credit associations, and provincial deposit-takers) should review their CDIC compliance programs to ensure they are submitting all required documents, not just data or reports, as part of their deposit insurance obligations. Failure to meet this expanded obligation remains a prescribed practice that can result in a premium surcharge.

Who this affects: CDIC member institutions · federally chartered banks · trust and loan companies · cooperative credit associations · provincial deposit-taking institutions