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Volume 51, No. 24

B.C. Reg. 379/2008

The British Columbia Gazette,

Part II

December 16, 2008

B.C. Reg. 379/2008 , deposited December 9, 2008, pursuant to the FINANCIAL INSTITUTIONS ACT [Section 289 (4)]. Order in Council 912/2008, approved and ordered December 8, 2008.

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

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

(

a) the Insurance Company Exemption Regulation, B.C. Reg. 366/2007, is amended as set out in

Schedule 1; and

(

b) the Insurance Licensing Exemptions Regulation, B.C. Reg. 328/90, is amended as set out in

Schedule 2.

Schedule 1

Section 1 of the Insurance Company Exemption Regulation, B.C. Reg. 366/2007, is repealed and the following substituted:

Interpretation

1 In this regulation:

"Act" means the Financial Institutions Act ;

"Catholic Mutual Relief Society of America" means the Catholic Mutual Relief Society of America incorporated in Nebraska with the incorporation number

Section 2 is amended by adding the following paragraph (f):

(

f) subject to

section 2.1, the Catholic Mutual Relief Society of America.

3 The following

section 2.1 is added:

Catholic Mutual Relief Society of America

2.1 Parts 1 to 10 of the Act do not apply to the Catholic Mutual Relief Society of America if the society meets the following conditions:

(

a) it must not provide insurance coverage where insurance is required by law in British Columbia;

(

b) it must not provide accident and sickness, or life insurance;

(

c) it must only provide insurance coverage to an entity in British Columbia that is

(

i) not-for-profit,

(ii) exempt from, or not subject to, the taxes imposed by the Income Tax Act (Canada), and

(iii) governed or administered by an archbishop, bishop or cardinal in his role as an archbishop, bishop or cardinal ordained by and in the service of the Catholic Church;

(

d) it must disclose the following in writing to its members:

(

i) the insurance coverage that it is providing is not provided by an insurance company that is regulated under the Act;

(ii) it is exempt from the regulatory requirements of the Act.

Schedule 2

Section 1 of the Insurance Licensing Exemptions Regulation, B.C. Reg. 328/90, is amended by adding the following

definitions:

"Catholic Mutual Canada" means Catholic Mutual Canada incorporated in Ontario with incorporation number 10043541;

"Catholic Mutual Relief Society of America" means the Catholic Mutual Relief Society of America incorporated in Nebraska with the incorporation number 0198315; .

Section 2 (1), is amended by adding the following paragraphs (

s) and (t):

(

s) to Catholic Mutual Canada if it acts in relation to insurance provided by the Catholic Mutual Relief Society of America,

(

t) to a salaried employee of Catholic Mutual Canada who acts

(

i) as an insurance agent or insurance salesperson only in the course of employment with Catholic Mutual Canada, and

(ii) in relation to insurance provided by the Catholic Mutual Relief Society of America.

Section 6 is amended

(

a) by renumbering

section 6 as

section 6 (1),

(

b) by adding the following subsection (1) (g):

(

g) is a salaried employee of Catholic Mutual Canada who acts

(

i) as an insurance adjuster or an employed insurance adjuster only in the course of employment with Catholic Mutual Canada, and

(ii) in relation to insurance provided by the Catholic Mutual Relief Society of America. , and

(

c) by adding the following subsection (2):

(2) Section 180 (1) of the Act does not apply to Catholic Mutual Canada in relation to insurance provided by the Catholic Mutual Relief Society of America.

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