Hello again.
Division 22 suspends the Canada Employment Insurance Financing Board until the EI operating account has returned to a cumulative balance and the CEIFB can fulfill its full legislative mandate.
In the interim, the premium rate will be set by the Governor in Council according to the current rate-setting mechanism set out in the EI act. Specifically, it will take into account the recent changes to the rate-setting mechanisms that were introduced as part of BIA 1, namely that the premium rate cannot increase or decrease by more than 5¢ on an annual basis and that the rate be set every year by September 14.
To ensure the continued transparency and accountability of the rate-setting mechanism, reports done by the EI commission and its actuary are to be tabled in Parliament by the Minister of Human Resources and Skills Development.
Once the EI operating account is projected to be in cumulative balance, the CEIFB is to set the rates based on the new rate-setting mechanism that was introduced as part of BIA 1—that is, the new seven-year break-even rate approach.
I'd be happy to answer any questions you may have.