Section 1 definition of "automobile insurance" BEFORE repealed by 2003-35-1(a), effective August 12, 2003 (BC Reg 320/2003).
"automobile insurance" means automobile insurance defined in the Insurance Act;
Section 1 definition of "automobile insurance" BEFORE repealed by 2003-35-1(a), effective August 12, 2003 (BC Reg 320/2003).
"automobile insurance" means automobile insurance defined in the Insurance Act;
Section 1 definition of "optional automobile insurance" was added by 2003-35-1(a), effective August 12, 2003 (BC Reg 320/2003).
Section 1 definition of "universal compulsory automobile insurance" BEFORE amended by 2003-35-1(b), effective August 12, 2003 (BC Reg 320/2003).
"universal compulsory automobile insurance" has the meaning defined by regulation;
Section 1 definition of "universal compulsory automobile insurance" BEFORE amended by 2007-94-43,Sch and 59(c), effective June 1, 2007 (BC Reg 166/2006).
"universal compulsory automobile insurance" has the same meaning as in the Insurance (Motor Vehicle) Act;
Section 1 definition of "commission" was added by 2007-94-59(a), effective June 1, 2007 (BC Reg 166/2006).
Section 1 definition of "optional automobile insurance" BEFORE re-enacted by 2007-94-59(b), effective June 1, 2007 (BC Reg 166/2006).
"optional automobile insurance" has the same meaning as "extension insurance" in the Insurance (Motor Vehicle) Act;
Section 1 definition of "vehicle" BEFORE repealed by 2007-94-59(d), effective June 1, 2007 (BC Reg 166/2006).
"vehicle" means a vehicle as defined in the Motor Vehicle Act.
Section 1 definition of "chief executive officer" was added by 2023-49-16(a), effective November 30, 2023 (Royal Assent).
Section 1 definitions of "general manager" and "president" BEFORE repealed by 2023-49-16(b), effective November 30, 2023 (Royal Assent).
"general manager" means the corporation's general manager;
"president" means the president of the corporation;
Part 1, heading was added (before section 2) by 2003-35-2, effective August 12, 2003 (BC Reg 320/2003).
Section 2 (2) BEFORE amended by 2001-31-2, effective August 16, 2001 (Royal Assent).
(2) The corporation consists of the minister and not less than 2 other members appointed by the Lieutenant Governor in Council during pleasure for a term of 3 years.
Section 2 (3) BEFORE repealed by 2001-31-2, effective August 16, 2001 (Royal Assent).
(3) A member may be reappointed for further terms of 3 years each.
Section 3 (3) BEFORE amended by 2023-10-362, effective March 30, 2023 (Royal Assent).
(3) A director is entitled to be reimbursed by the corporation for reasonable travelling and other out of pocket expenses necessarily incurred by the director in discharging his or her duties.
Section 3 (4) BEFORE amended by 2023-49-17, effective November 30, 2023 (Royal Assent).
(4) In addition, a director, other than the general manager, may, subject to subsection (6), be paid and may accept as remuneration for the director's services the daily or periodic amounts set by the Lieutenant Governor in Council.
Section 4 (1) to (3) BEFORE amended by 2023-49-18, effective November 30, 2023 (Royal Assent).
(1) Subject to the approval of the Lieutenant Governor in Council, the directors must appoint a president and a general manager to hold office during pleasure and, despite any Act, the directors must set their salary.
(2) The directors must define the duties of the president and general manager.
(3) Despite the Public Service Act, the directors or, if authorized by the directors, the president or the general manager, may do the following:
(a) appoint the officers and employees they consider necessary to carry on the corporation's business;
(b) determine their duties and remuneration;
(c) provide a system of organization to fix responsibility and promote efficiency.
Section 5 (4) BEFORE amended by BC Reg 5/2010 under RS1996-238-11(3), effective January 14, 2010 (BC Reg 5/2010).
(4) Until, but not after, the end of the day on a date to be set by order of the Minister of Transportation and Highways, the Public Service Benefit Plan Act applies to the employees of the corporation to whom the Public Service Pension Plan applies under this section.
Section 7 (b) BEFORE amended by 2003-35-3, effective August 12, 2003 (BC Reg 320/2003).
(b) subject to the approval of the Lieutenant Governor in Council, operate and administer plans of insurance, including automobile insurance, authorized under any other enactment;
Section 7 (b) BEFORE amended by 2007-94-60, effective June 1, 2007 (BC Reg 166/2006).
(b) subject to the approval of the Lieutenant Governor in Council, operate and administer plans of insurance, including universal compulsory automobile insurance and optional automobile insurance, authorized under any other enactment;
Section 7 (d) BEFORE amended by 2003-57-48, effective June 1, 2009 (BC Reg 423/2008).
(d) subject to the Medical Practitioners Act and the Hospital Act, engage in and carry on the business of providing medical and hospital services to a person insured under a contract by which the corporation may be liable as an insurer, or make agreements with other persons for those purposes;
Section 7 (h) BEFORE amended and subparagraph (iii) was added by 2011-13-119, effective February 10, 2013 (BC Reg 223/2012 as amended by BC Reg 342/2012).
(h) receive, hold, manage and collect, for and on behalf of the government,
(i) revenue from fines in connection with violation tickets under the Offence Act, for contravention of enactments referred to in the regulations under that Act, including revenue from fines imposed by the Provincial Court for contraventions for which violation tickets have been issued, and
(ii) revenue from licence, permit and other fees under the Motor Vehicle Act, the Commercial Transport Act or another enactment respecting motor vehicles or vehicles;
Section 7 (h) (iv) was added by 2013-1-78, effective April 1, 2013.
(ii) revenue from licence, permit and other fees under the Motor Vehicle Act, the Commercial Transport Act or another enactment respecting motor vehicles or vehicles, and
(iii) revenue from fees collected under the Medicare Protection Act;
Section 7 (g) BEFORE amended by 2014-5-44, effective November 17, 2014 (BC Reg 200/2014).
(g) carry out any powers, duties and functions in relation to the Motor Vehicle Act or the Commercial Transport Act, or to any program of the government or of an agency of the government, that may be authorized under the Motor Vehicle Act, the Commercial Transport Act or another enactment respecting motor vehicles or vehicles, or that may be assumed by the corporation by agreement with the government or an agency of the government;
Section 7 (h) (ii) BEFORE amended by 2014-5-44, effective November 17, 2014 (BC Reg 200/2014).
(ii) revenue from licence, permit and other fees under the Motor Vehicle Act, the Commercial Transport Act or another enactment respecting motor vehicles or vehicles,
Section 7 (h) (ii) BEFORE amended by 2015-13-55, effective November 2, 2015 (BC Reg 202/2015).
(ii) revenue from licence, permit and other fees under the Motor Vehicle Act, the Commercial Transport Act, the Off-Road Vehicle Act or another enactment respecting motor vehicles or vehicles,
Section 8 (2) BEFORE amended by 2009-16-109, effective July 1, 2012 (BC Reg 213/2011).
(2) The Lieutenant Governor in Council may make regulations authorizing the corporation to engage in and carry on any class of insurance as defined in the Insurance Act and its regulations, or any insurance plan and the regulations may provide that some provisions of this Act or the regulations do not apply to a particular class of insurance or insurance plan carried on under this section.
Section 8.1 (1), (3), (4), (6) and (7) BEFORE amended by 2007-94-43,Sch, effective June 1, 2007 (BC Reg 166/2006).
(1) If a record is kept by the corporation under this Act or the Insurance (Motor Vehicle) Act or the regulations made under either of those Acts, the corporation may
(3) If records are kept by the corporation otherwise than in paper format, the corporation must provide, in intelligible form, any copy of those records that, under this Act or the Insurance (Motor Vehicle) Act or the regulations made under either of those Acts, the corporation is required to provide.
(4) A copy of, or extract from, a record kept in a format other than an electronic format by the corporation under this Act or the Insurance (Motor Vehicle) Act or the regulations made under either of those Acts, certified to be a true copy or extract by an officer of the corporation, is
(6) A record of information, based on the records kept by the corporation under this Act or the Insurance (Motor Vehicle) Act or the regulations made under either of those Acts, is evidence of the facts contained in the record if
(7) Proof is not required of the signature or official position of a person certifying the truth of a copy or extract, or giving a certificate under this section, and a facsimile signature purporting to be the signature of a person required to sign or certify a record under this Act or the Insurance (Motor Vehicle) Act or the regulations made under either of those Acts is evidence of the signature and of the authority for the use of the facsimile signature.
Section 8.1 (1), (3), (4), (6) and (7) BEFORE amended by 2007-14-129, effective December 1, 2007 (BC Reg 354/2007).
(1) If a record is kept by the corporation under this Act or the Insurance (Vehicle) Act or the regulations made under either of those Acts, the corporation may
(a) have the record photocopied,
(b) have the record or its contents stored in electronic format,
(c) have the record or its contents reproduced on a record that enables the information to be subsequently displayed or immediately accessible in visible form, or
(d) keep the record or its contents in any other prescribed manner.
(3) If records are kept by the corporation otherwise than in paper format, the corporation must provide, in intelligible form, any copy of those records that, under this Act or the Insurance (Vehicle) Act or the regulations made under either of those Acts, the corporation is required to provide.
(4) A copy of, or extract from, a record kept in a format other than an electronic format by the corporation under this Act or the Insurance (Vehicle) Act or the regulations made under either of those Acts, certified to be a true copy or extract by an officer of the corporation, is
(a) evidence of the record or of the part of the record extracted and of the facts stated in the record or the part of the record, and
(b) conclusive proof that the corporation is the keeper of the record, in fulfillment of the corporation's responsibility under this section.
(6) A record of information, based on the records kept by the corporation under this Act or the Insurance (Vehicle) Act or the regulations made under either of those Acts, is evidence of the facts contained in the record if
(a) the information is contained in a certificate of an officer of the corporation, or
(b) the records contains a statement to the effect that the record is an authentic reproduction of information stored in a database in electronic format by the corporation.
(7) Proof is not required of the signature or official position of a person certifying the truth of a copy or extract, or giving a certificate under this section, and a facsimile signature purporting to be the signature of a person required to sign or certify a record under this Act or the Insurance (Vehicle) Act or the regulations made under either of those Acts is evidence of the signature and of the authority for the use of the facsimile signature.
Section 8 (2) BEFORE amended by 2009-16-109, effective July 1, 2012 (BC Reg 213/2011).
(2) The Lieutenant Governor in Council may make regulations authorizing the corporation to engage in and carry on any class of insurance as defined in the Insurance Act and its regulations, or any insurance plan and the regulations may provide that some provisions of this Act or the regulations do not apply to a particular class of insurance or insurance plan carried on under this section.
Section 8.4 BEFORE amended by 2010-2-43, effective April 1, 2010.
Reserve
8.4 Subject to the regulations and any orders of the commission under section 46, the corporation must maintain for the purposes of the Insurance (Vehicle) Act reserves in amounts the corporation considers advisable in the interest of owners of vehicles and drivers of vehicles, and in the interest of good management of the business of vehicle insurance, so that the corporation has at all times sufficient funds to meet the payments under the Insurance (Vehicle) Act as they become payable.
Section 8.4 BEFORE amended by 2020-10-1, effective August 14, 2020 (Royal Assent).
Reserve
8.4 Subject to the regulations, including, without limitation, orders of the Lieutenant Governor in Council under section 26, and any orders of the commission under section 46, the corporation must maintain for the purposes of the Insurance (Vehicle) Act reserves in amounts the corporation considers advisable in the interest of owners of vehicles and drivers of vehicles, and in the interest of good management of the business of vehicle insurance, so that the corporation has at all times sufficient funds to meet the payments under the Insurance (Vehicle) Act as they become payable.
Section 9 (1) BEFORE amended by 2003-35-4, effective August 12, 2003 (BC Reg 320/2003).
(1) The corporation has the power and capacity to do all acts and things necessary or required for the purpose of carrying out its functions and powers.
Section 9 (2) (g) BEFORE amended by 2007-14-130, effective December 1, 2007 (BC Reg 354/2007).
(g) do anything necessary to settle, adjust, investigate, defend and otherwise deal with, under this Act, the Insurance Act or the Financial Institutions Act so far as is applicable and the regulations made under those Acts, claims made on contracts by which the corporation may be liable as insurer or on a plan established under sections 7 and 8 (1);
Section 9.2 (2) and (5) BEFORE amended by 2023-10-363, effective March 30, 2023 (Royal Assent).
(2) The corporation must not appoint an agent unless he or she holds or has applied for a licence under the Financial Institutions Act as an insurance agent for the place specified in the appointment.
(5) An agent must not have his or her appointment in respect of universal compulsory vehicle insurance or optional vehicle insurance terminated without just cause.
Section 9.3 BEFORE repealed by 2006-28-54, effective June 1, 2007 (BC Reg 166/2006).
Advisory committee
9.3 (1) No earlier than January 1, 2006 and no later than October 1, 2006, the minister must establish an advisory committee to determine whether section 9.2 (5) is necessary for the efficient functioning of the vehicle insurance market in British Columbia.
(2) The members of the advisory committee appointed by the minister must consist of
(a) 2 persons from a list provided by the corporation, and
(b) 2 persons from a list provided by the agents.
(3) The members appointed under subsection (2) must appoint a fifth person to the advisory committee and designate that person to be the chair of the committee.
(4) The person appointed by the members under subsection (3) must not be an officer or employee of the corporation or an agent.
(5) The advisory committee must submit a report on its determination to the minister no later than December 31, 2006.
Section 11 (1) BEFORE amended by 2023-10-364, effective March 30, 2023 (Royal Assent).
(1) A director or the general manager sufficiently signs a document on behalf of the corporation if his or her signature is written on the document.
Section 11 BEFORE amended by 2023-49-20, effective November 30, 2023 (Royal Assent).
Signatures
11 (1) A director or the general manager sufficiently signs a document on behalf of the corporation if the director's or general manager's signature is written on the document.
(2) If a document relating to the corporation's business bears a signature and if required, a countersignature, purporting to be that of a director, general manager, officer or an authorized person, the document is deemed to be validly made and the signature, countersignature and seal, if any, deemed to be validly signed and sealed by persons authorized by the corporation.
(3) It is not necessary to prove the seal of the corporation, the handwriting or the authority of the person signing, sealing or countersigning the document, or, in the case of a document signed under subsection (1), authenticity of the facsimile of the signature of a director or the general manager.
Section 13 (3) BEFORE amended by 2010-2-44, effective April 1, 2010.
(3) Money, funds, investments and property acquired or administered by the corporation may not be taken, used or appropriated by the government for any purpose whatever, except under subsection (5), section 26 (1) or to repay advances by or money borrowed from the government and the interest on it.
Section 13 (3) BEFORE amended by 2020-10-2, effective August 14, 2020 (Royal Assent).
(3) Money, funds, investments and property acquired or administered by the corporation may not be taken, used or appropriated by the government for any purpose whatever, except under subsection (5), section 26 (2) or to repay advances by or money borrowed from the government and the interest on it.
Section 16 BEFORE amended by 2003-54-27,Sch A, effective April 1, 2004 (BC Reg 11/2004).
16 To the extent permitted by any Act, the Lieutenant Governor in Council may authorize the Minister of Finance and Corporate Relations to advance money to the corporation for its temporary purposes out of the consolidated revenue fund, to be repaid on terms approved by the Lieutenant Governor in Council.
Section 18 (2) BEFORE amended by 2003-54-27,Sch A, effective April 1, 2004 (BC Reg 11/2004).
(2) Through the Minister of Finance and Corporate Relations as its agent for the purpose of this section or section 15 or 16, the corporation may do any of the following:
Section 20 (3) BEFORE amended by 2003-54-27,Sch A, effective April 1, 2004 (BC Reg 11/2004).
(3) The guarantee must be signed by the Minister of Finance and Corporate Relations or an officer designated by the Lieutenant Governor in Council.
Section 20 (7) BEFORE amended by 2003-54-27,Sch A, effective April 1, 2004 (BC Reg 11/2004).
(7) The signature of the Minister of Finance and Corporate Relations or a designated officer may be engraved or otherwise mechanically reproduced.
Section 21 (2) BEFORE amended by 2003-54-27,Sch A effective April 1, 2004 (BC Reg 11/2004).
(2) The Lieutenant Governor in Council may, by order, direct the Minister of Finance and Corporate Relations to pay to the corporation for the purposes of the Insurance (Motor Vehicle) Act, out of the consolidated revenue fund, the amounts considered advisable but not to exceed the equivalent of
Section 21 (2) (b) BEFORE amended by 2004-39-73, effective June 28, 2004 (BC Reg 265/2004).
(b) the portion considered advisable, of the fees payable under the Motor Vehicle Act, Commercial Transport Act and Motor Carrier Act.
Section 21 (2) BEFORE amended by 2007-94-43,Sch, effective June 1, 2007 (BC Reg 166/2006).
(2) The Lieutenant Governor in Council may, by order, direct the Minister of Finance to pay to the corporation for the purposes of the Insurance (Motor Vehicle) Act, out of the consolidated revenue fund, the amounts considered advisable but not to exceed the equivalent of
Section 21 (1) BEFORE amended by 2007-14-131, effective December 1, 2007 (BC Reg 354/2007).
(1) Money required by any Act or regulations to be paid to the corporation, premiums and other consideration payable for insurance provided by the corporation, and any other money that may be due and payable to the corporation must be paid to the corporation, and may be retained by it to be used and dealt with only to carry out the powers of the corporation under this Act and regulations, or any other Act or regulations.
Section 23 (1) BEFORE amended by 2003-35-5(a), effective August 12, 2003 (BC Reg 320/2003).
(1) The minister must lay before the Legislative Assembly annually for the preceding fiscal year
Section 23 (3) BEFORE amended by 2003-35-5(c), effective August 12, 2003 (BC Reg 320/2003).
(3) The report and financial statement must be laid before the Legislative Assembly on a date within 60 days next following the end of the year for which the report and statement are made if the Assembly is then in session, otherwise on a date within 15 days after the opening of the next following session.
Section 23 (1) (b) BEFORE amended by 2003-54-27,Sch A, effective April 1, 2004 (BC Reg 11/2004).
(b) a financial statement showing the corporation's operations, as well as its assets and liabilities at the end of the year in the form that may be required by the Minister of Finance and Corporate Relations, and
Section 23 (1) (c) BEFORE amended by 2007-94-64, effective June 1, 2007 (BC Reg 166/2006).
(c) if the corporation is engaged in the business of optional automobile insurance,
(i) a report, prepared by an actuary who is not an employee of the corporation, as to whether the corporation's optional automobile insurance policy liabilities and universal compulsory automobile insurance policy liabilities have been valued in accordance with accepted actuarial practices, and
(ii) a report, prepared by an accountant who is not an employee of the corporation, as to whether
(A) the corporation's optional automobile insurance costs have been attributed to optional automobile insurance in accordance with generally accepted accounting principles and in compliance with section 49 (1) and any orders made under section 49 (2), and
(B) the corporation's universal compulsory automobile insurance costs and its non-insurance costs related to driver and vehicle licensing and road safety have been attributed to universal compulsory automobile insurance in accordance with generally accepted accounting principles and in compliance with section 49 (1) and any orders made under section 49 (2).
Section 23 (5) (part) BEFORE amended by 2007-94-64, effective June 1, 2007 (BC Reg 166/2006).
(5) If the corporation is engaged in the business of optional automobile insurance, the financial statement referred to in subsection (1) must include the following:
Section 23 (5) (a) BEFORE amended by 2007-94-64, effective June 1, 2007 (BC Reg 166/2006).
(a) a financial statement for the optional automobile insurance operations of the corporation;
Section 23 (2) BEFORE amended by 2012-12-120, effective May 14, 2012 (Royal Assent).
(2) The books and accounts of the corporation must be audited at least once in every year by an auditor appointed by the Lieutenant Governor in Council, who must report to the minister on the annual financial statement.
Section 23 (1) BEFORE amended by 2016-3-9(a), effective March 10, 2016 (Royal Assent).
(1) The corporation must annually prepare and provide to the minister, for the preceding fiscal year,
(a) a report of the corporation on its operations,
(b) a financial statement showing the corporation's operations, as well as its assets and liabilities at the end of the year in the form that may be required by the Minister of Finance, and
(c) if the corporation is engaged in the business of optional vehicle insurance,
(i) a report, prepared by an actuary who is not an employee of the corporation, as to whether the corporation's optional vehicle insurance policy liabilities and universal compulsory vehicle insurance policy liabilities have been valued in accordance with accepted actuarial practices, and
(ii) a report, prepared by an accountant who is not an employee of the corporation, as to whether
(A) the corporation's optional vehicle insurance costs have been attributed to optional vehicle insurance in accordance with generally accepted accounting principles and in compliance with section 49 (1) and any orders made under section 49 (2), and
(B) the corporation's universal compulsory vehicle insurance costs and its non-insurance costs related to driver and vehicle licensing and road safety have been attributed to universal compulsory vehicle insurance in accordance with generally accepted accounting principles and in compliance with section 49 (1) and any orders made under section 49 (2).
Section 23 (2) (a) BEFORE amended by 2016-3-9(b), effective March 10, 2016 (Royal Assent).
(a) to audit the accounts of the corporation at least once each year, and
Section 23 (3) BEFORE amended by 2016-3-9(c), effective March 10, 2016 (Royal Assent).
(3) The minister must lay the reports and financial statement received by the minister under subsection (1) before the Legislative Assembly on a date within 60 days next following the end of the year for which the report and statement are made if the Assembly is then in session, otherwise on a date within 15 days after the opening of the next following session.
Section 24 (2) BEFORE amended by 2016-3-10, effective March 10, 2016 (Royal Assent).
(2) The report must be prepared in a manner determined by the superintendent and filed within 30 days after the date on which the financial statement for the corresponding fiscal year is laid before the Legislative Assembly under section 23.
Section 25 (1) and (2) BEFORE amended by 2003-54-27,Sch A, effective April 1, 2004 (BC Reg 11/2004).
25 (1) The Comptroller General must, as often as he or she considers advisable, inspect the records of the corporation to satisfy himself or herself that revenues collected by the corporation on behalf of the government have been accurately recorded and remitted promptly to the Minister of Finance and Corporate Relations.
(2) The Minister of Finance and Corporate Relations may at any time direct the Comptroller General to examine and report to the Treasury Board on the financial or accounting operations of the corporation.
Section 25 (1) BEFORE amended by 2023-10-365, effective March 30, 2023 (Royal Assent).
(1) The Comptroller General must, as often as he or she considers advisable, inspect the records of the corporation to satisfy himself or herself that revenues collected by the corporation on behalf of the government have been accurately recorded and remitted promptly to the Minister of Finance.
Section 26 BEFORE re-enacted by 2010-2-45, effective April 1, 2010.
Disposition of surplus
26 (1) If the financial statement under section 23 shows that the assets of the corporation at the end of the year for which the statement is made exceed its liabilities, the minister must first present the statement to the Lieutenant Governor in Council, who may, by order, direct the corporation to make a payment to the government promptly after the statement, amended as set out in subsection (3), has been laid before the Assembly.
(2) The payment must be
(a) an amount of money not greater than the amount the corporation would, if liable for income tax under the Income Tax Act, pay under that Act, and
(b) that portion of the remaining excess determined by the Lieutenant Governor in Council, but not so as to reduce the balance of the excess of assets over liabilities below the greater of $10 million, or 125% of the total of unearned premiums on all its outstanding unmatured policies, calculated in proportion to the time expired, together with the amount of matured claims and all its other liabilities of every kind.
(3) A payment that the Lieutenant Governor in Council directs to be made under this section must be shown in the statement of liabilities included in the financial statement to be laid before the Legislative Assembly as an amount owing by the corporation.
(4) The excess of assets over liabilities must reflect that increase in the liabilities.
Section 26 (1) definition of "management target" BEFORE amended by 2016-3-11, effective March 10, 2016 (Royal Assent).
"management target" means the total of
(a) the supervisory target as set out in the MCT guideline, and
(b) the margin, determined by the corporation's actuary and validated by the independent actuary appointed by the board of the corporation, that
(i) reflects the corporation's risk profile in relation to the corporation's optional vehicle insurance business and its ability to respond to adverse events that arise from those risks, and
(ii) has been determined in accordance with
(B) the Guideline on Stress Testing issued by the Office of the Superintendent of Financial Institutions Canada as it is amended or replaced from time to time;
Section 26 (4) (b) BEFORE amended by 2016-3-11, effective March 10, 2016 (Royal Assent).
(b) allow Treasury Board, for each calendar year, to approve a deduction from the amount that would otherwise be payable for that calendar year under this section.
Section 26 BEFORE repealed by 2020-10-3, effective August 14, 2020 (Royal Assent).
Disposition of surplus
"capital available" means capital available as that term is described in the MCT guideline;
"capital required" means capital required as that term is described in the MCT guideline;
"management target" means,
(a) subject to paragraph (b), the ratio that reflects the total of
(i) the supervisory target as set out in the MCT guideline, and
(ii) the margin, determined by the corporation's actuary and validated by the independent actuary appointed by the board of the corporation, that
(A) reflects the corporation's risk profile in relation to the corporation's optional vehicle insurance business and its ability to respond to adverse events that arise from those risks, and
(B) has been determined in accordance with
(II) the Guideline on Stress Testing issued by the Office of the Superintendent of Financial Institutions Canada as it is amended or replaced from time to time, and
(b) if a ratio is set under subsection (1.1), the lesser of the ratio determined under paragraph (a) of this definition and the ratio set under subsection (1.1);
"optional capital available" means the capital available in relation to the corporation's optional vehicle insurance business;
"optional capital required" means the capital required in relation to the corporation's optional vehicle insurance business;
"Treasury Board" has the same meaning as in the Financial Administration Act.
(1.1) The Lieutenant Governor in Council may, by order, set a ratio for the purposes of paragraph (b) of the definition of "management target" in subsection (1).
(2) Subject to subsection (3) and despite any other enactment, the Lieutenant Governor in Council may, by order, direct the corporation to make payments to the government at such times, in such amounts or circumstances, on such bases and in such manners as the Lieutenant Governor in Council may order and to record the required payments as liabilities in the corporation's financial statements.
(3) The corporation must, in relation to each payment it is directed to make under subsection (2), comply with that direction as follows:
(a) the payment must be paid out of the optional capital available;
(b) the payment must not result in the ratio of the corporation's optional capital available to the corporation's optional capital required falling below the ratio that is the management target.
(4) In making an order under subsection (2), the Lieutenant Governor in Council may
(a) rely on or incorporate, with or without modification, any or all of the provisions of any code, guideline or regulation as they may be amended or replaced from time to time before or after the making of the order, including, without limitation, any or all of the provisions of the Guideline on Stress Testing issued by the Office of the Superintendent of Financial Institutions Canada, and
(b) allow Treasury Board to approve a deduction from the amount that would otherwise be payable under this section.
Section 28 BEFORE amended by 2003-35-6, effective August 12, 2003 (BC Reg 320/2003).
28 If the financial statement or report referred to in section 23, or an additional report under section 27, shows that the liabilities exceed the assets, or indicates that the liabilities, exclusive of the liability for the repayment of money, if any, paid to the corporation under this section or section 16 or 38, may, at any time in the coming year, exceed the assets, the Lieutenant Governor in Council may, by order, direct that the amount or estimated amount of the excess be paid to the corporation out of the consolidated revenue fund.
Section 28 BEFORE amended by 2016-3-12, effective March 10, 2016 (Royal Assent).
Excess of liabilities
28 If the financial statement or report referred to in section 23 (1) (a) or (b), as the case may be, or an additional report under section 27, shows that the liabilities exceed the assets, or indicates that the liabilities, exclusive of the liability for the repayment of money, if any, paid to the corporation under this section or section 16 or 38, may, at any time in the coming year, exceed the assets, the Lieutenant Governor in Council may, by order, direct that the amount or estimated amount of the excess be paid to the corporation out of the consolidated revenue fund.
Section 29 (1) BEFORE amended by 2003-35-7, effective August 12, 2003 (BC Reg 320/2003).
(1) Unless otherwise directed by the Minister of Finance and Corporate Relations, the corporation may invest or lend its funds according to guidelines prescribed by the Lieutenant Governor in Council.
Section 30 (2) BEFORE amended by 2007-14-132, effective December 1, 2007 (BC Reg 354/2007).
(2) No action or other proceeding lies against any person other than the corporation for the purpose of enforcing a claim or right in relation to the operations engaged in or carried on under this Act, regulations or any insurance plan established under any Act.
Section 36 BEFORE repealed by 2007-94-65, effective June 1, 2007 (BC Reg 166/2006).
Relief from forfeiture
36 If there has been imperfect compliance with a statutory condition as to the proof of loss to be given by the insured or on another matter or thing required to be done or omitted by the insured about the loss, and a consequent forfeiture or avoidance of all or part of the insurance, or if there has been a termination of the policy by a notice that was not received by the insured owing to the absence of the insured from the address to which the notice was addressed, and the court considers it inequitable that the insurance be forfeited or avoided on that ground or terminated, the court may, on the terms it considers just, relieve against the forfeiture, avoidance or, if the application for relief is made within 90 days of the date of the mailing of the notice of termination, against the termination.
Section 37 (1) (a) BEFORE repealed by 2007-94-65, effective June 1, 2007 (BC Reg 166/2006).
(a) uniformity of contracts and statutory conditions;
Section 37 (2) and (3) BEFORE repealed by 2007-94-65, effective June 1, 2007 (BC Reg 166/2006).
(2) The Lieutenant Governor in Council may, by regulation, alter the statutory conditions prescribed under the Insurance Act in accordance with an agreement.
(3) An alteration under subsection (2) binds all insurers.
Section 38 BEFORE amended by 2003-54-27,Sch A, effective April 1, 2004 (BC Reg 11/2004).
38 Out of the fund of $5 million set aside by the Minister of Finance and Corporate Relations on March 31, 1973, the Minister of Finance and Corporate Relations must make advances to the corporation under section 16 as authorized by order of the Lieutenant Governor in Council.
Section 39 BEFORE amended by 2003-35-8, effective August 12, 2003 (BC Reg 320/2003).
Application of Insurance Act and Financial Institutions Act
39 (1) Except as provided in this Act, the Insurance Act and the Financial Institutions Act do not apply
(a) to a class or plan of insurance in which the corporation may be engaging, or
(b) to the corporation for that class or plan.
(2) The Lieutenant Governor in Council may, by order, direct that the Insurance Act or the Financial Institutions Act or a provision in either of them applies to the class, plan or corporation listed in subsection (1) (a) and (b).
Section 40 (1) and (2) BEFORE amended by 2003-70-194, effective March 29, 2004 (BC Reg 64/2004).
(1) Except as provided in this Act, the Company Act does not apply to the corporation.
(2) The Lieutenant Governor in Council, may, by order, direct that the Company Act, or a provision in it, applies to the corporation.
Section 41 BEFORE repealed by 2021-8-1, effective June 4, 2021 (BC Reg 142/2021).
Power to make regulations
41 (1) The Lieutenant Governor in Council may make regulations referred to in section 41 of the Interpretation Act.
(2) Without limiting subsection (1), the Lieutenant Governor in Council may make regulations respecting the manner in which records or their contents may be kept by the corporation.
Section 43 (1) BEFORE repealed by 2007-94-66, effective June 1, 2007 (BC Reg 166/2006).
(1) In this Part, "commission" means the British Columbia Utilities Commission.
Section 44 (3) (b) BEFORE amended by 2007-94-67(a), effective June 1, 2007 (BC Reg 166/2006).
(b) a reference to "service" in the Utilities Commission Act is deemed to be a reference to universal compulsory automobile insurance, and includes
Section 44 (4) BEFORE amended by 2007-94-67(b), effective June 1, 2007 (BC Reg 166/2006).
(4) In addition to any rights or powers that the commission may exercise under subsection (1) of this section in relation to the corporation, the commission is to supervise the corporation in accordance with sections 45 and 46 and Division 2 and, for that purpose, has all of the rights and powers that would be available to the commission were that supervisory duty imposed on it under the Utilities Commission Act.
Section 44 (6) BEFORE amended by 2007-94-67(c), effective June 1, 2007 (BC Reg 166/2006).
(6) Section 62 of the Utilities Commission Act does not apply to rates for optional automobile insurance.
Section 44 (1) BEFORE amended by 2008-13-18, effective May 1, 2008 (Royal Assent).
(1) Subject to subsections (3), (6) and (7), the Utilities Commission Act, other than sections 22, 23 (1) (a) to (d) and (2), 25 to 38, 40, 41, 45 to 57, 59 (2) and (3), 60 (1) (b) (ii) and (2) to (4), 97, 98, 106 (1) (k), 107 to 109 and 114 and Parts 4 and 5 of that Act, applies to and in respect of the corporation as if it were a public utility, and a reference in this Part to the Utilities Commission Act or to a provision of that Act is deemed to be a reference to that Act or provision as it applies for the purposes of this Act.
Section 44 (1) BEFORE amended by 2018-53-55, effective November 27, 2018 (Royal Assent).
(1) Subject to subsections (3), (6) and (7), the Utilities Commission Act, other than sections 3, 5 (4) to (9), 22, 23 (1) (a) to (d) and (2), 25 to 38, 40, 41, 43 (1) (b) (ii), 44.1, 44.2, 45 to 57, 59 (2) and (3), 60 (1) (b) (ii) and (2) to (4), Part 3.1, 97, 98, 106 (1) (k), 107 to 109 and 114, Parts 4 and 5 and sections 125.1 and 125.2 of that Act, applies to and in respect of the corporation as if it were a public utility, and a reference in this Part to the Utilities Commission Act or to a provision of that Act is deemed to be a reference to that Act or provision as it applies for the purposes of this Act.
Section 45 BEFORE repealed by 2007-94-68 and 2007-94-43,Sch, effective June 1, 2007 (BC Reg 166/2006).
Regulation of universal compulsory automobile insurance
45 (1) If the corporation is authorized by the Lieutenant Governor in Council to provide universal compulsory automobile insurance, the corporation must make available universal compulsory automobile insurance in a manner, and in accordance with practices and procedures, that the commission considers are in all respects adequate, efficient, just and reasonable.
(2) If the commission, after a hearing held on its own motion or on complaint, finds that the manner in which universal compulsory automobile insurance is provided by the corporation does not comply with subsection (1) or that the practices and procedures in accordance with which that insurance is provided do not comply with subsection (1), the commission must
(a) determine the manner or the practices and procedures, as the case may be, that comply with subsection (1), and
(b) order the corporation to comply with that manner or with those practices and procedures.
(3) After a hearing held on the commission's own motion or on complaint, the commission may determine and set adequate, efficient, just and reasonable standards, practices or procedures to be used by the corporation in providing universal compulsory automobile insurance and may order the corporation to comply with those standards, practices or procedures.
(4) The commission may, by order, require the corporation to report, at the times and in the form ordered by the commission, on the corporation's performance in providing universal compulsory automobile insurance, including, without limitation, on the corporation's performance in complying with any order made under subsection (2) or (3).
(5) The commission may exercise its powers and duties under this section in relation to the provision by the corporation of universal compulsory automobile insurance to the corporation's customer base as a whole or to classes of its customers, but not in relation to the provision by the corporation of universal compulsory automobile insurance to any one customer.
(6) Despite this section and section 44, and despite section 110 of the Utilities Commission Act, the commission does not have the power to change a term or condition of any plan of universal compulsory automobile insurance established under the Insurance (Motor Vehicle) Act.
Section 46 (1) BEFORE repealed by 2007-94-69, effective June 1, 2007 (BC Reg 166/2006).
(1) The commission may, by order, require the corporation to maintain, for the purposes set out in section 6 of the Insurance (Motor Vehicle) Act, reserves that are equal to or greater than the reserves the corporation is required to maintain under that section.
Section 47 (1) (b) BEFORE repealed by 2007-94-70, effective June 1, 2007 (BC Reg 166/2006).
(b) identifying circumstances in which the commission is and is not to regulate and fix rates applicable to optional automobile insurance;
Section 47 (3) (a) BEFORE amended by 2018-53-56(a), effective November 27, 2018 (Royal Assent).
(a) any other provisions of the Insurance Corporation Act or the Utilities Commission Act, or
Section 47 (4) BEFORE amended by 2018-53-56(b), effective November 27, 2018 (Royal Assent).
(4) The powers of the Lieutenant Governor in Council under subsection (1) include the power, by regulation, to issue directions that apply, rely on or incorporate, with or without modification, any or all of the provisions of any code, guideline or regulation as they may be amended or replaced from time to time before or after the making of the Lieutenant Governor in Council's regulation, including, without limitation, any or all of the provisions of the MCT guideline.
Section 49 (1) and (2) BEFORE amended by 2007-94-70.1 (as amended by 2006-28-56), effective June 1, 2007 (BC Reg 166/2006).
(1) The commission must ensure that the universal compulsory automobile insurance business and the revenue of the corporation, other than revenue from the corporation's optional automobile insurance business, are not used to subsidize the corporation's optional automobile insurance business.
(2) For the purpose of subsection (1), the commission may issue any orders it considers necessary to ensure that the corporation's optional automobile insurance business and activities are segregated from the corporation's other businesses and activities for accounting purposes, and that, in addition, any other businesses and activities of the corporation that the commission considers appropriate are segregated from the remaining businesses and activities of the corporation for accounting purposes, including, without limitation, orders