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| B.C. Reg. 323/90 O.C. 1347/90 |
Deposited September 7, 1990 effective September 15, 1990 |
| This archived regulation consolidation is current to April 1, 2005 and includes changes enacted and in force by that date. For the most current information, click here. |
Financial Institutions Act
[includes amendments up to B.C. Reg. 597/2004, December 31, 2004]
1 In this regulation "Act" means the Financial Institutions Act.
2 Section 75 of the Act does not apply to the Real Estate Errors and Omissions Insurance Corporation.
3 Spent.
4 Repealed. [B.C. Reg. 597/2004, Sch. s. 6.]
5 Section 75 of the Act does not apply to the Canadian Investor Protection Fund.
[en. B.C. Reg. 176/92, s. 2.]
6 Division 1 of Part 6 of the Act does not apply to an extraprovincial corporation that
(a) is licensed under Division 2 of Part 6 as an insurance agent or insurance adjuster, and
(b) carries on insurance business only in its capacity as an insurance agent or insurance adjuster.
[en. B.C. Reg. 176/92, s. 2.]
7 Spent.
8 Repealed. [B.C. Reg. 219/2002, s. 1.]
9 Section 131 of the Act does not apply to the BCAA Insurance Corporation, on condition that its financial year end is September 30.
[en. B.C. Reg. 242/94.]
10 Section 75 of the Act does not apply to the government, or a corporation that is an agent of the Crown, in respect of a program established under the Insurance for Crops Act or the Farm Income Insurance Act.
[en. B.C. Reg. 397/95.]
11 Section 75 of the Act does not apply to a manufacturer or a retailer or a wholly owned subsidiary of the manufacturer or retailer, who provides vehicle warranty insurance or product warranty insurance which is solely incidental to the sale of the vehicle or product by the manufacturer or retailer, as the case may be.
[en. B.C. Reg. 138/98; am. B.C. Reg. 597/2004, Sch. s. 7.]
12 (1) In this section:
"employee benefits" means one or more of the following that are provided to employees or their dependants:
(a) accident and sickness insurance;
(b) disability insurance;
(c) life insurance;
"employees" includes former employees, directors, former directors, officers, former officers and, in respect of a union or society, members and former members;
"employer" includes
(a) a group of employers,
(b) a union or group of unions, and
(c) an entity formed by an employer to provide employee benefits to the employer’s employees.
(2) Section 75 of the Act does not apply to an employer providing employee benefits to employees or their dependants, on the condition that the employer discloses in writing to his or her employees that
(a) the employee benefits are not insured by an insurance company regulated under the Act, and
(b) the employer is exempt from the regulatory requirements of the Act.
[en. B.C. Reg. 219/2002, s. 2; am. B.C. Reg. 597/2004, Sch. s. 8.]
13 (1) In this section:
"charitable gift annuity" means an annuity
(a) provided by a charitable organization in return for a transfer of cash or other property by a donor to the charitable organization, and
(b) with a value that is less than the value of the cash or other property transferred and the difference in value is a charitable deduction under the Income Tax Act (Canada);
"charitable organization" means a charitable organization that is a registered charity, as defined in section 248 of the Income Tax Act (Canada).
(2) Section 75 of the Act does not apply to a charitable organization providing a charitable gift annuity to a donor, on the condition that the charitable organization discloses in writing to the donor, when entering into an agreement with the donor, that
(a) the charitable gift annuity is not insured by an insurance company regulated under the Act, and
(b) the charitable organization is exempt from the regulatory requirements of the Act.
[en. B.C. Reg. 219/2002, s. 2.]
14 Repealed. [B.C. Reg. 597/2004, Sch. s. 9.]
15 Section 75 of the Act does not apply to the Real Estate Compensation Fund Corporation.
[en. B.C. Reg. 481/2004.]
[Provisions of the Financial Institutions Act, R.S.B.C. 1996, c. 141, relevant to the enactment of this regulation: sections 158 (5) and 289 (4) (o)]
Copyright (c) 2005: Queen's Printer, Victoria, British Columbia, Canada