B.C. Reg. 577/2004, deposited December 13, 2004, pursuant to the FINANCIAL INSTITUTIONS ACT [Section 289]. Order in Council 1239/2004, approved and ordered December 11, 2004.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective December 31, 2004, the Shared Premises Regulation, B.C. Reg. 335/90, is amended by adding the following section:

Conditions respecting business
premises of insurance agents

3 (1) It is a condition of every licence issued to an insurance agent, other than an insurance agent described in subsection (2) or (3), that the business office of the insurance agent be located in premises that are separate and distinct from the business office of a savings institution.

(2) A business office of an insurance agent that, immediately before September 15, 1990, was located in the same premises as a business office of a credit union, may continue in those premises if the business office of the insurance agent is in an area of the premises that is separate and distinct from the area occupied by the business office of the credit union.

(3) If a credit union relocates a business office described in subsection (2), the insurance agent described in subsection (2) may  relocate its business office to the same premises, if the business office of the insurance agent is in an area of the new premises that is separate and distinct from the area occupied by the business office of the credit union.

— G. M. COLLINS, Minister of Finance; S. BOND, Presiding Member of the Executive Council.

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