Annual premium
 105. (1) For the purposes of paragraph 1 of subsection 276.1 (1) of the Act, the Authority shall determine the credit union’s annual premium in accordance with this section.  O. Reg. 237/09, s. 105 (1); O. Reg. 181/19, s. 31 (1). (2) The Authority shall determine the differential premium score of each credit union and league in accordance with subsection (4.3) and with the rules set out in the Differential Premium Score Determination published by the Authority in The Ontario Gazette, as it may be amended from time to time. O. Reg. 181/19, s. 31 (2). (3) Revoked: O. Reg. 444/17, s. 1 (1). (4) Revoked: O. Reg. 120/14, s. 1 (2). (4.1), (4.2) Revoked: O. Reg. 444/17, s. 1 (1). (4.3) The differential premium score of a credit union or league at a particular time is determined with reference to the following components: 1. Capital: the level of regulatory capital of the credit union or league. 2. Corporate governance: the effectiveness of the governance practices of the credit union or league, as determined with reference to the Act and the Authority rules or by-laws. O. Reg. 120/14, s. 1 (5); O. Reg. 181/19, s. 31 (3). (4.4) The annual premium payable by a credit union or league for a financial year that begins on or after January 1, 2015 but before January 1, 2020 is calculated as follows: 1. If the differential premium score of a credit union or league is 90 or over, its annual premium is $1.00 per $1,000 of the funds described in subsection (5) for a credit union and in subsection (6) for a league. 2. If the differential premium score of a credit union or league is 0, its annual premium is $3.00 per $1,000 of those funds. 3. If the differential premium score of a credit union or league is between 0 and 90, its annual premium is the rate per $1,000 of those funds calculated using the formula, A = $1.75 – [B / 90 × $0.75] in which, “A” is the rate, and “B” is the credit union or league’s differential premium score. O. Reg. 120/14, s. 1 (5); O. Reg. 181/19, s. 31 (4). (4.5) The annual premium payable by a credit union or league for a financial year that begins on or after January 1, 2020 is calculated as follows: 1. If the differential premium score of a credit union or league is 90 or over, its annual premium is $0.75 per $1,000 of the funds described in subsection (5) for a credit union and in subsection (6) for a league. 2. If the differential premium score of a credit union or league is 0, its annual premium is $2.25 per $1,000 of those funds. 3. If the differential premium score of a credit union or league is between 0 and 90, its annual premium is the rate per $1,000 of those funds calculated using the formula, A = 0.75($1.75 – (B / 90 × $0.75)) in which, “A” is the rate, and “B” is the credit union or league’s differential premium score. O. Reg. 181/19, s. 31 (5). (5) The calculation of the annual premium for a credit union is based only on Canadian funds on deposit with the credit union, and no premium is payable with respect to that portion of a deposit that is uninsured by virtue of section 270 of the Act.  O. Reg. 237/09, s. 105 (5). (6) The calculation of the annual premium for a league is based on Canadian funds on deposit with the league for a person that is not a credit union, and no premium is payable with respect to that portion of a deposit that is uninsured by virtue of section 270 of the Act.  O. Reg. 237/09, s. 105 (6). (7) The Authority may estimate the amount of funds on deposit with the credit union or league using the quarterly financial return of the credit union or league and may adjust the premium upon receiving the audited financial statements.  O. Reg. 237/09, s. 105 (7); O. Reg. 181/19, s. 31 (6). (8) The annual premium payable by a credit union or league that carries on business for less than one year shall be reduced by an amount proportionate to the period during which it did not carry on business.  O. Reg. 237/09, s. 105 (8). (9) Despite subsections (4.4) and (8), the minimum annual premium payable by a credit union or league is $250.  O. Reg. 237/09, s. 105 (9); O. Reg. 514/10, s. 4 (4); O. Reg. 120/14, s. 1 (6); O. Reg. 444/17, s. 1 (2). (10) The Authority may use approximate figures in determining or calculating an amount under this section.  O. Reg. 237/09, s. 105 (10); O. Reg. 181/19, s. 31 (7).