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Volume 58, No. 22

214/2015

The British Columbia Gazette,

Part II

December 1, 2015

B.C. Reg. 214/2015 , deposited November 24, 2015, under the FINANCIAL INSTITUTIONS ACT [section 289]. Order in Council 678/2015, approved and ordered November 23, 2015.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective November 28, 2016, the attached Insurance Societies Regulation is made.

— M. DE JONG, Minister of Finance ; W.R. BENNETT, Presiding Member of the Executive Council .

INSURANCE SOCIETIES REGULATION

Definitions

1 In this regulation:

“Act” means the Financial Institutions Act ;

“authorized society” has the same meaning as in

section 197.1 (1) of the Act;

“society” has the same meaning as in

section 1 of the Societies Act .

Auditor

2 A society that carries on insurance business must have an auditor who is qualified under

Part 9 of the Societies Act .

Prudent standards

(1) A society that carries on insurance business must adhere to prudent standards, as defined in

section 136 (1) of the Act, in investing the society’s funds.

(2) Subsection (1) of this

section does not apply to a society to which

section 136 of the Act applies.

Consent required for reorganization, liquidation or dissolution of authorized society

4 An authorized society must not do any of the following without first obtaining the consent of the commission:

(

a) sell, lease or otherwise dispose of all or substantially all of the society’s undertaking, as described in

section 92 of the Societies Act ;

(

b) propose an arrangement under

section 99 of the Societies Act ;

(

c) voluntarily dissolve, or liquidate and dissolve, under the Societies Act .

Consent required for restoration of dissolved society

5 A person must not apply to restore a dissolved society that, before its dissolution, carried on insurance business, without first obtaining the consent of the commission.

Application of

section 23 of Act

Section 23 of the Act applies in relation to a consent under

section 4 or 5 of this regulation, except that, for the purposes of applying

section 23 of the Act, the reference to “ officers ” in that

section must be read as a reference to “ senior managers ” within the meaning of the Societies Act .

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