Industry Code: 70200
This industry includes a variety of financial institutions such as chartered banks, credit unions, trust companies, mortgage and loan companies, investment dealers, stock brokers, collection agencies and cheque cashing centers.
Operation Details:
Banks are establishments chartered under the Bank Act, primarily engaged in banking activities such as the creation of deposit facilities, transfer of deposit monies, and provision of credit.
Credit unions are set up by provincial legislation under the Credit Union Act of Alberta. Credit unions provide financial services similar to banks.
Trust companies are establishments operating under the Trust Companies Act or corresponding provincial legislation. They are primarily engaged in two distinct activities, namely banking-type activities and fiduciary activities. As part of the first, they accept deposits and make them available to the economy, primarily in the form of mortgage loans. Under the fiduciary activity, they may act as executors, administrators or receivers of trust of all types; act as agents for stock and bond issues; act as real estate agents, etc.
Mortgage companies are establishments primarily engaged in investing funds in mortgages secured by real estate. Mortgage companies operate under the Loan Companies Act or corresponding provincial legislation.
Finance and loan companies provide loans to individuals and business concerns. The industry is governed under the "Small Loans Act". The basic difference between these companies and banks is in the interest rate charged to the customer. Banks will not lend to customers who lack the necessary collateral or have unfavourable credit ratings. These customers turn to finance or loan companies to obtain their loans. To compensate for the added risk of lending to this type of customer, the loan or finance company charges a higher interest rate than the bank.
Collection agencies provide debt collection services for their clients usually on a contract basis.
This classification is also used to cover companies which offer investment services such as investment dealers, securities firms, stock brokers, mortgage brokers, mutual fund dealers, financial planners, etc.
The operation and maintenance of bitcoin machines, which are similar to automated teller machines, are used to buy and sell cryptocurrency using a debit or credit card are classified in this industry. Also classified here are companies offering cryptocurrency exchange services as a standalone business. If the exchange service is done in conjunction with another business, the entire operation must be reviewed to determine the appropriate industry.
Cheque cashing centers are also included in this industry.
Underwriting Considerations:
Coverage for banks that rent/lease space in the same building they are housed in remains optional and no additional classification is established for the operation of a building. If banks foreclose on a property and they operate that building for a short period of time, this coverage is still optional.
Bailiff work, when conducted as a separate business venture, is classified in Industry 89924 - Investigative Services.
Data mining is the term used for programming software that uses algorithms which continually search for a solution in order to acquire a block in the blockchain. Companies that mine data will be classified in Industry 86901 - Business Services on an optional basis. Companies that create and sell the software and hardware for data mining or operate a data centre are classified in Industry 62300 - Office Equipment – Sales/Service.
Industry Custom Pricing: Waiving Cost Relief Option and Modified Experience Rating
This industry has chosen to participate in Industry Custom Pricing. Effective January 1, 2012, employers in this industry participate in the Waiving Cost Relief option and effective January 1, 2017, employers are also participating in the Modified Experience Rating option.
Under the Waiving Cost Relief option, costs related to the aggravation of a pre-existing condition will not be removed from the experience record of employers classified in this industry. In return, the portion of premiums collected to fund retroactive cost relief has been removed from the industry rate, resulting in a reduction in WCB premium rates for the industry.
With Modified Experience Rating option, the following experience rating features will be used in determining the premium rate for employers in the Large Employer Experience Rating Plan:
- Maximum discount or surcharge of 60%
- Participation rate of 1% for every $2000 in premiums
- Maximum participation of 100%
- Maximum experience used of 100%
Premium Rate History:
Activities:
Banks
Cheque Cashing Centres
Collection Agencies
Credit Unions
Finance and Loan Companies
Financial Services
Investment Firms
Loan and Finance Companies
Mortgage Companies
Trust Companies
Mutual Fund Dealers
Pension Plan Administration
Stocks and Securities Brokers
Automated Bitcoin Machine
Bitcoin Machine, Automated
Rate Group History:
The Financial/Business Services rate group was established in 1995, consolidating a number of business, financial and professional services.
This industry includes a variety of financial institutions such as chartered banks, credit unions, trust companies, mortgage and loan companies, investment dealers, stock brokers, collection agencies and cheque cashing centers.
Premium Rate History:
Activities:
Banks
Cheque Cashing Centres
Collection Agencies
Credit Unions
Finance and Loan Companies
Financial Services
Investment Firms
Loan and Finance Companies
Mortgage Companies
Trust Companies
Mutual Fund Dealers
Pension Plan Administration
Stocks and Securities Brokers
Automated Bitcoin Machine
Bitcoin Machine, Automated
Operation Details:
Banks are establishments chartered under the Bank Act, primarily engaged in banking activities such as the creation of deposit facilities, transfer of deposit monies, and provision of credit.
Credit unions are set up by provincial legislation under the Credit Union Act of Alberta. Credit unions provide financial services similar to banks.
Trust companies are establishments operating under the Trust Companies Act or corresponding provincial legislation. They are primarily engaged in two distinct activities, namely banking-type activities and fiduciary activities. As part of the first, they accept deposits and make them available to the economy, primarily in the form of mortgage loans. Under the fiduciary activity, they may act as executors, administrators or receivers of trust of all types; act as agents for stock and bond issues; act as real estate agents, etc.
Mortgage companies are establishments primarily engaged in investing funds in mortgages secured by real estate. Mortgage companies operate under the Loan Companies Act or corresponding provincial legislation.
Finance and loan companies provide loans to individuals and business concerns. The industry is governed under the "Small Loans Act". The basic difference between these companies and banks is in the interest rate charged to the customer. Banks will not lend to customers who lack the necessary collateral or have unfavourable credit ratings. These customers turn to finance or loan companies to obtain their loans. To compensate for the added risk of lending to this type of customer, the loan or finance company charges a higher interest rate than the bank.
Collection agencies provide debt collection services for their clients usually on a contract basis.
This classification is also used to cover companies which offer investment services such as investment dealers, securities firms, stock brokers, mortgage brokers, mutual fund dealers, financial planners, etc.
The operation and maintenance of bitcoin machines, which are similar to automated teller machines, are used to buy and sell cryptocurrency using a debit or credit card are classified in this industry. Also classified here are companies offering cryptocurrency exchange services as a standalone business. If the exchange service is done in conjunction with another business, the entire operation must be reviewed to determine the appropriate industry.
Cheque cashing centers are also included in this industry.
Underwriting Considerations:
Coverage for banks that rent/lease space in the same building they are housed in remains optional and no additional classification is established for the operation of a building. If banks foreclose on a property and they operate that building for a short period of time, this coverage is still optional.
Bailiff work, when conducted as a separate business venture, is classified in Industry 89924 - Investigative Services.
Data mining is the term used for programming software that uses algorithms which continually search for a solution in order to acquire a block in the blockchain. Companies that mine data will be classified in Industry 86901 - Business Services on an optional basis. Companies that create and sell the software and hardware for data mining or operate a data centre are classified in Industry 62300 - Office Equipment – Sales/Service.
Industry Custom Pricing: Waiving Cost Relief Option and Modified Experience Rating
This industry has chosen to participate in Industry Custom Pricing. Effective January 1, 2012, employers in this industry participate in the Waiving Cost Relief option and effective January 1, 2017, employers are also participating in the Modified Experience Rating option.
Under the Waiving Cost Relief option, costs related to the aggravation of a pre-existing condition will not be removed from the experience record of employers classified in this industry. In return, the portion of premiums collected to fund retroactive cost relief has been removed from the industry rate, resulting in a reduction in WCB premium rates for the industry.
With Modified Experience Rating option, the following experience rating features will be used in determining the premium rate for employers in the Large Employer Experience Rating Plan:
- Maximum discount or surcharge of 60%
- Participation rate of 1% for every $2000 in premiums
- Maximum participation of 100%
- Maximum experience used of 100%
Rate Group History:
The Financial/Business Services rate group was established in 1995, consolidating a number of business, financial and professional services.