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B.C. Reg. 183/2024, deposited July 5, 2024, under the REAL ESTATE DEVELOPMENT MARKETING ACT [section 46], INSURANCE (CAPTIVE COMPANY) ACT [section 13] and FINANCIAL INSTITUTIONS ACT [section 289]. Order in Council 401/2024, approved and ordered July 5, 2024.
On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that
(a) effective September 1, 2024, the Real Estate Development Marketing Regulation, B.C. Reg. 505/2004, is amended as set out in the attached Appendix 1,
(b) effective September 1, 2024, the Insurance (Captive Company) Regulation, B.C. Reg. 99/2017, is amended as set out in the attached Appendix 2,
(c) effective September 1, 2024, the Financial Institutions Fees Regulation, B.C. Reg. 312/90, is amended as set out in the attached Appendix 3, and
(d) effective September 1, 2025, the Financial Institutions Fees Regulation, B.C. Reg. 312/90, is amended as set out in the attached Appendix 4.
— K. CONROY, Minister of Finance; L. BEARE, Presiding Member of the Executive Council.
Appendix 1
1 Section 13 of the Real Estate Development Marketing Regulation, B.C. Reg. 505/2004, is amended
(a) in subsections (1) (a) and (2) (a) by striking out "$900" and substituting "$2 250",
(b) in subsections (1) (b) and (2) (b) by striking out "$1 800" and substituting "$4 500",
(c) in subsections (1) (c) and (2) (c) by striking out "$3 600" and substituting "$9 000",
(d) in subsections (1) (d) and (2) (d) by striking out "$5 400" and substituting "$13 500", and
(e) in subsection (4) by striking out "$600" and substituting"$1 200".
Appendix 2
1 Section 16 of the Insurance (Captive Company) Regulation, B.C. Reg. 99/2017, is repealed and the following substituted:
Fees
16 (1) The fee for application for registration is $10 000.
(2) The annual registration renewal fee is set out in the Schedule.
(3) The fee to process the application for consent of the superintendent for the purposes of section 7 of the Act is set out in the Schedule.
2 The following Schedule is added after section 18:
Schedule
(Section 16 (3))
Item |
Column 1 |
Column 2 |
|---|---|---|
1 |
The annual registration renewal fee for each captive insurance company that has assets as reported in its non-consolidated financial statements,
to a maximum of $100 million
greater than $100 million to a maximum of $1 billion
greater than $1 billion |
Annual registration renewal fee
$5 000 + 0.019% of written premiums from insurance business
$7 500 + 0.019% of written premiums from insurance business during the previous fiscal year
$10 000 + 0.019% of written premiums from insurance business |
2 |
For processing an application for consent to an amalgamation under section 7 (a) of the Act |
$5 000 |
3 |
For processing an application for consent to facilitate a change in control under section 7 (b) of the Act |
$500 |
4 |
For processing an application for consent to change the memorandum, notice of articles or articles under section 7 (c) of the Act |
$100 |
Appendix 3
1 Items 10 and 11 of Schedule 1 of the Financial Institutions Fees Regulation, B.C. Reg. 312/90, are repealed and the following substituted:
| Item |
Column 1 |
Column 2 |
|---|---|---|
10 |
An annual fee for each credit union |
$500 + 0.013% of assets less than or equal to $25 million + 0.01% of assets between $25 million and $250 million + 0.008% of assets greater than $250 million |
11 |
An annual fee for each (a) trust company, and (b) extraprovincial trust corporation |
$2 500 + 0.01% of assets, as reported in non-consolidated financial statements, greater than $5 million to maximum of $50 million
+ 0.005% of assets, as reported in non-consolidated financial statements, greater than $50 million to a maximum of $100 million
+ 0.0025% of assets, as reported in non-consolidated financial statements, greater than $100 million to a maximum of $500 million
+ 0.001% of assets, as reported in non-consolidated financial statements, greater than $500 million to a maximum of $1 billion
+ 0.0005% of assets, as reported in non-consolidated financial statements, greater than $1 billion to a maximum of $5 billion
+ 0.0001% of assets, as reported in non-consolidated financial statements, greater than $5 billion |
Appendix 4
1 Item 11 of Schedule 1 of the Financial Institutions Fees Regulation, B.C. Reg. 312/90, is repealed and the following substituted:
| Item |
Column 1 |
Column 2 |
|---|---|---|
11 |
An annual fee for each (a) trust company, and (b) extraprovincial trust corporation |
$5 000 + 0.01% of assets, as reported in non-consolidated financial statements, greater than $5 million to a maximum of $50 million
+ 0.005% of assets, as reported in non-consolidated financial statements, greater than $50 million to a maximum of $100 million
+ 0.0025% of assets, as reported in non-consolidated financial statements, greater than $100 million to a maximum of $500 million
+ 0.001% of assets, as reported in non-consolidated financial statements, greater than $500 million to a maximum of $1 billion
+ 0.0005% of assets, as reported in non-consolidated financial statements, greater than $1 billion to a maximum of $5 billion
+ 0.0001% of assets, as reported in non-consolidated financial statements, greater than $5 billion |
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