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Volume 45, No. 14

B.C. Reg. 219/2002

The British Columbia Gazette,

Part II

July 30, 2002

B.C. Reg. 219/2002, deposited July 26, 2002, pursuant to the FINANCIAL INSTITUTIONS ACT

[section 289 (4) (o)]. Order in Council 695/2002, approved and ordered July 26, 2002.

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 amended as set out in the attached Schedule. — G. M. COLLINS,

Minister of Finance ; M. R. COELL, Presiding Member of the Executive Council.

Schedule

section 8 of the Insurance Company Exemption Regulation, B.C. Reg. 323/90, is repealed.

2 The following sections are added:

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 unions, and

(

c) a person 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.

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 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.

Mennonite Aid Union

14 Until December 31, 2003,

section 75 of the Act does not apply to the Mennonite Aid Union providing insurance to its members on the condition that it discloses in writing to its members that

(

a) the insurance is not provided by an insurance company regulated under the Act, and

(

b) the Mennonite Aid Union is exempt from the regulatory requirements of the Act.

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