FAQs: Financial Guarantees
- Q1. How do I pay my financial guarantee?
- Q2. How often do I pay my financial guarantee?
- Q3. Where are the financial guarantee funds going?
- Q4. Can I use my financial guarantee to dispose of my gauges?
- Q5a. How do I calculate the amount of my financial guarantee for nuclear substances and radiation devices?
- Q5b. How do I calculate the amount of my financial guarantee for class II nuclear facilities and prescribed equipment?
- Q6. Is there an alternative for paying my financial guarantee?
- Q7. What will happen if I don’t pay my financial guarantee?
- Q8. Who do I contact for more information on financial guarantees?
- Q9. How was my inventory and financial guarantee calculated?
- Q10. My inventory has recently increased. Will I have to make an additional payment?
Q1. How do I pay my financial guarantee?
A1. To pay your annual financial contribution online, visit the financial guarantee web portal. You will need the initial login information provided to you by the CNSC to access the site. All major credit cards are accepted.
Other payment options are also available via the insurance broker.
Please contact Aon Reed Stenhouse Inc. between 9:00am and 4:30pm EST at 613-722-7070 or 1-800-267-6262 and make reference to the CNSC Financial Guarantee Program for alternate payment options, including Electronic Fund Transfers. If leaving a message, please make sure to leave the organization name, licence number, phone number and caller name. If you are calling about an electronic fund transfer, please be sure to include your licence number.
Make your cheque payable to Aon Reed Stenhouse and submit along with the top portion of the statement of coverage and contribution to:
CNSC Financial Guarantee Program
C/o Aon Reed Stenhouse
340 Albert Street, Suite 1110
Q2. How often do I pay my financial guarantee?
A2. Financial guarantee (FG) is an annual fee and is due for payment before the date indicated on the statement of Coverage and Contribution.
Q3. Where are the financial guarantee funds going?
A3. The CNSC has contracted private insurance under which it is the sole insured party, and that is meant to cover costs if the CNSC needs to take control of licensed material and safely terminate a licensed activity. Licensees contribute to the CNSC annual insurance premium in proportion to their liability by paying a yearly financial contribution.
Q4. Can I use my financial guarantee to dispose of my gauges?
A4. No. Only the CNSC may use a financial guarantee, and it will only do so after exhausting all regulatory options. A financial guarantee does not relieve a licensee from complying with all regulatory requirements for termination of licensed activities.
Q5a. How do I calculate the amount of my financial guarantee for nuclear substances and radiation devices?
A5a. Calculation of the total financial guarantee is obtained by using the following formula:
- # of sealed sources [≥50 MBq] and/or radiation devices (x $3,000)
- + # of rooms in which unsealed nuclear substances [half-life ≥3 days) are handled (x $4,000)
- + # of self-shielded irradiators (x $90,000)
- = Total liability
For example, a licensee with 3 radiation devices (3 x $3000) and 1 laboratory for handling unsealed sources (1 x $4000) has a total liability of $13,000. The licensee's annual financial contribution would be $58.50 (0.45% of total calculated liability for safe termination of licensed activities).For further guidance, please use our financial guarantee calculator.
Q5b. How do I calculate the amount of my financial guarantee for class II nuclear facilities and prescribed equipment?
A5b. Calculation of the total financial guarantee for CII facilities is obtained by adding:
- # of Class II prescribed equipment other than isotope production accelerators (e.g., PET cyclotrons) and high activity irradiators (including cobalt teletherapy, Gamma Knife, and calibration and research irradiator (x $4,000.00)
- + # of isotope production accelerators such as cyclotrons, high activity irradiators such as cobalt teletherapy, Gamma Knife, and calibration and research irradiators (x $90,000)
- + # of sealed sources* having an activity > 50 MBq which are NOT installed in CII Prescribe Equipment (x $3,000)
- = Total liability
*The following sources have been excluded from this portion of the estimate: Transient sources which are only occasionally in the licensee’s possession for short periods of time, such as replacement sources for HDR brachytherapy or cobalt teletherapy units and short lived manual brachytherapy sources used for either temporary or permanent implants, such as I-125 seeds or Ir-192 ribbons or wires.
Q6. Is there an alternative for paying my financial guarantee? Are there alternatives to the CNSC FG program?
A6. Licensees with complex activities, facilities and equipment that do not fit the model formula described can propose an alternative financial guarantee, which the CNSC will evaluate.
Q7. What will happen if I don’t pay my financial guarantee?
A7. Having a financial guarantee is a condition of your licence. Failure to fulfil the condition is considered a non-compliance and you may be subject to regulatory action.
Q8. Who do I contact for more information on the financial guarantee program?
A8. For more information on financial guarantees, or to propose an alternate suggestion for paying financial guarantees, please call 1-888-229-2672 and select the licensing option.
Q9. How was my inventory, and financial guarantee calculated?
A9. FG is based on information in the CNSC database for rooms, labs, radiation devices and sealed sources in the month of December.
Q10. My inventory has recently increased. Will I have to make an additional payment?
A10. No. Your FG is based on “snapshot data” and is valid until the next assessment is completed.
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