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Volume 52, No. 24

B.C. Reg. 299/2009

The British Columbia Gazette,

Part II

December 15, 2009

B.C. Reg. 299/2009 , deposited December 11, 2009, pursuant to the FINANCIAL INSTITUTIONS ACT [Sections 76 and 289] and the FINANCE STATUTES AMENDMENT ACT, 2009 [Section 25]. Order in Council 699/2009, approved and ordered December 10, 2009.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective January 1, 2010,

(

a) sections 9 to 11 of the Finance Statutes Amendment Act , 2009, S.B.C. 2009, c. 15, are brought into force,

(

b) the Extraprovincial Insurance Corporation (Canada) Business Authorization Condition Regulation, as set out in the attached

Schedule 1, is made, and

(

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

Schedule 2.

— C. HANSEN, Minister of Finance ; I. CHONG, Presiding Member of the Executive Council .

Schedule 1

EXTRAPROVINCIAL INSURANCE CORPORATION

(CANADA) BUSINESS AUTHORIZATION CONDITION

REGULATION

Condition of business authorization

1 It is a condition of every business authorization issued to an extraprovincial insurance corporation

(

a) whose primary jurisdiction is Canada, and

(

b) that is the subject of an order of the superintendent under

section 574 (1) of the Insurance Companies Act (Canada) approving the insuring in Canada of risks by the extraprovincial insurance corporation

that the extraprovincial insurance corporation's insurance business in British Columbia is carried on as insuring in Canada a risk within the meaning of and in accordance with

Part XIII of the Insurance Companies Act (Canada).

Schedule 2

1 The Insurance Company Exemption Regulation, B.C. Reg. 366/2007, is amended

(

a) by changing its title to " Insurer Exemption Regulation ", and

(

b) by adding the following sections:

Conditions for

section 76 (1) (

c) of the Act

9 It is a condition of

section 76 (1) (

c) of the Act that the insurance agent referred to in that

section

(

a) does not directly or indirectly solicit the resident for the contract of insurance, and

(

b) files with the superintendent, within 30 days of the end of each quarter, the following information with respect to the contracts of insurance referred to in that

section that are entered into by the agent:

(

i) the names of the insureds;

(ii) the particulars of the insurance;

(iii) the names of the insurers;

(iv) the amount of insurance placed with each insurer referred to in subparagraph (iii) and the rate and the amount of premiums paid.

Extraprovincial insurance corporation — reinsurance

10 Parts 1 to 6 of the Act do not apply to an extraprovincial insurance corporation whose insurance business in British Columbia is confined to reinsurance of persons referred to in

section 75 (

a) to (

c) or (

e) to (

i) of the Act or in sections 1 to 6 of this regulation.

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