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BC Financial Services Authority (“BCFSA”) has released the final ranges for the Credit Union Deposit Insurance Corporation of BC (“CUDIC”) Differential Premium System (“DPS”) that will be implemented as part of the 2023 premium assessment process. The final DPS ranges are set out in the DPS Calculation Manual and DPS Calculator.
On June 29, 2021, BCFSA released an advisory announcing the implementation of the new premium assessment methodology that will replace the existing risk-based assessment methodology on April 1, 2023. Following the advisory, BCFSA has worked with B.C. credit unions to review and communicate the ranges that will be used to determine the 2023 CUDIC premium assessment scores for credit unions.
From November 14 to December 14, 2022, BCFSA held a 30-day consultation on the proposed DPS ranges to be implemented for the 2023 premium assessment process. On November 30, 2022, BCFSA facilitated an information and Q&A session with the credit union segment, and on January 10, 2023, BCFSA participated in a working group session facilitated by the Canadian Credit Union Association.
BCFSA thanks the B.C. credit unions who actively participated in the dialogue throughout the consultation process and who participated in the information session and working group.
Please see the DPS Consultation Summary Report to learn more about the feedback we received and our responses.