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Volume 53, No. 8

B.C. Reg. 108/2010

The British Columbia Gazette,

Part II

May 4, 2010

B.C. Reg. 108/2010 , deposited April 29, 2010, pursuant to the INSURANCE CORPORATION ACT [Section 47] and the UTILITIES COMMISSION ACT [Section 3]. Order in Council 224/2010, approved and ordered April 29, 2010.

On the recommendation of the undersigned, the Administrator, by and with the advice and consent of the Executive Council, orders that Special Direction IC2 to the British Columbia Utilities Commission, B.C. Reg. 307/2004, is amended as set out below:

Section 1 is amended by repealing the definition of "MCT" and substituting the following:

"MCT" means MCT as that term is described in the MCT guideline;

"MCT guideline" means the Guideline for Minimum Capital Test (MCT) for Federally Regulated Property and Casualty Insurance Companies issued by the Office of the Superintendent of Financial Institutions Canada as that guideline is amended or replaced from time to time; .

Section 3 (1) is amended

(

a) by repealing paragraph (a),

(

b) by repealing paragraph (

b) and substituting the following:

(

b) set rates for the corporation's universal compulsory insurance business in a way that will allow the corporation to maintain capital available in relation to its universal compulsory insurance business equal to at least 100% of MCT; , and

(

c) in paragraph (

c) by striking out " and " at the end of subparagraph (ii.1) and adding the following:

(ii.2) for 2010 and subsequent years, to make the payments that the corporation has agreed to make under the agreement dated for reference January 1, 2010, between the corporation and the government as represented by the Minister of Public Safety and Solicitor General entitled "Traffic and Road Safety Law Enforcement Funding Memorandum of Understanding", and .

Section 4 (1) is repealed and the following substituted:

(1) With respect to the exercise of its powers and functions under the Act in relation to the corporation's optional vehicle insurance business, the commission must not fix rates applicable to optional insurance.

— C. HANSEN, Minister of Finance and Deputy Premier ; I. CHONG, Presiding Member of the Executive Council .

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