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Volume 50, No. 24

B.C. Reg. 366/2007

The British Columbia Gazette,

Part II

December 4, 2007

B.C. Reg. 366/2007, deposited November 23, 2007, pursuant to the FINANCIAL INSTITUTIONS ACT [Section 289]. Order in Council 791/2007, approved and ordered November 22, 2007.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Insurance Company Exemption Regulation B.C. Reg. 323/90, is repealed and the attached Insurance Company Exemption Regulation is enacted.

— C. TAYLOR, Minister of Finance; S. BOND, Presiding Member of the Executive Council.

INSURANCE COMPANY EXEMPTION REGULATION

Contents

Interpretation

Exemption from application of Parts 1 to 10 of the Act

Exemption from application of Parts 1 to 6 of the Act

Manufacturer's and retailer's warranties

Employee benefits

Charitable gift annuities

Extraprovincial insurance agencies

BCAA Insurance Corporation

Interpretation

1 In this regulation, "Act" means the

Financial Institutions Act.

Exemption from application of Parts 1 to 10 of the Act

2 Parts 1 to 10 of the Act do not apply to the following:

(

a) the deposit insurance corporation;

(

b) the Canada Deposit Insurance Corporation;

(

c) the Canadian Investor Protection Fund;

(

d) 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 ;

(

e) the Real Estate Compensation Fund Corporation established under the

Real Estate Services Act .

Exemption from application of Parts 1 to 6 of the Act

3 Parts 1 to 6 of the Act do not apply to the following:

(

a) the Canadian Life and Health Insurance Compensation Plan administered by the Canadian Life and Health Insurance Compensation Corporation;

(

b) the Property and Casualty Insurance Compensation Plan;

(

c) the Real Estate Errors and Omissions Insurance Fund continued under the

Real Estate Services Act .

Manufacturer's and retailer's warranties

Section 75 of the Act does not apply to

(

a) a manufacturer or a retailer

(

b) a corporation of which the manufacturer or retailer is a wholly owned subsidiary, or

(

c) a wholly owned subsidiary of the manufacturer or retailer

that provides vehicle warranty insurance or product warranty insurance that is solely incidental to the sale of the vehicle or product by the manufacturer or retailer.

Employee benefits

(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 employers, 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 that provides employee benefits to employees or their dependants, on the condition that the employer discloses in writing to the employer's 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.

Charitable gift annuities

(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 that provides 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.

Extraprovincial insurance agencies

7 Division 1 of

Part 6 of the Act does not apply to an extraprovincial corporation that

(

a) is licensed under Division 2 of the

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.

BCAA Insurance Corporation

Section 131 of the Act does not apply to the BCAA Insurance Corporation, on condition that its financial year end is September 30.

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