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Volume 46, No. 16

B.C. Reg. 322/2003

The British Columbia Gazette,

Part II

August 12, 2003

B.C. Reg. 322/2003, deposited August 12, 2003, pursuant to the INSURANCE CORPORATION

ACT [Section 39]. Order in Council 807/2003, approved and ordered August 12, 2003.

On the recommendation of the undersigned, the Administrator, by and with the advice and consent of the Executive Council, orders that

(

a) the Guidelines Regulation for the Investment or Loan of Funds of the Insurance Corporation of British Columbia, B.C. Reg. 352/90, is repealed, and

(

b) the following Application of Legislation Regulation is made:

APPLICATION OF LEGISLATION REGULATION

Application of the Financial Institutions Act

1 The corporation must comply with sections 66 (2), 79, 88, 90 to 92, 93 (1), 94 and 95 of the

Financial Institutions Act in relation to the corporation's optional automobile insurance business.

Application of the Insurance Companies Act (Canada) and its regulations

(1) For the purposes of

section 29 (1) of the Insurance Corporation

Act , the corporation must comply with

section 492 of the Insurance Companies Act (Canada).

(2) The corporation must comply with sections 502 (1) and (3) and 505 to 508 of the

Insurance Companies Act (Canada) in relation to the corporation's optional automobile insurance business.

(3) The corporation must, in respect of its optional automobile insurance business, comply with the Investment Limits (Insurance Companies) Regulations (Canada), SOR/2001-396, as if that optional automobile insurance business were a property and casualty company within the meaning of that regulation.

Disposition not required until January 1, 2009

(1) Nothing in sections 1 and 2 of this regulation requires the corporation to dispose of investments or loans that were lawfully acquired on the date of their acquisition.

(2) Despite subsection (1), the corporation must, before January 1, 2009, dispose of all investments and loans that would cause the corporation to be in default of

section 1 or 2 on that date. , and

(

c) effective January 1, 2008,

section 1 of the Application of Legislation Regulation is amended by striking out "88, 90 to 92, 93 (1), 94 and 95" and substituting "88 and 90 to 95". — R. COLEMAN, Minister of Public Safety and Solicitor General; M. R. COELL, Presiding Member of the Executive Council.

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