British Columbia Gazette Part II — B.C. Reg. 083/2012

B.C. Reg. 083/2012

British Columbia — Gazette

Victoria, British Columbia, Canada

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Disclaimer

Volume 55, No. 8

83/2012

The British Columbia Gazette,

Part II

April 24, 2012

B.C. Reg. 83/2012 , deposited April 20, 2012, pursuant to the EMPLOYMENT AND ASSISTANCE ACT [section 35] and the EMPLOYMENT AND ASSISTANCE FOR PERSONS WITH DISABILITIES ACT [section 26]. Order in Council 242/2012, approved and ordered April 19, 2012.

On the recommendation of the undersigned, the Administrator, by and with the advice and consent of the Executive Council, orders that, effective May 1, 2012, the Employment and Assistance Regulation, B.C. Reg. 263/2002, and the Employment and Assistance for Persons with Disabilities Regulation, B.C. Reg. 265/2002, are amended as set out in the attached Appendix.

— S. CADIEUX, Minister of Social Development ; S. THOMSON, Presiding Member of the Executive Council .

Appendix

Section 7 of

Schedule B of the Employment and Assistance Regulation, B.C. Reg. 263/2002, is amended

(

a) by renumbering the

section as

section 7 (1),

(

b) in subsection (1) by adding the following paragraph:

(d.1) subject to subsection (2), a structured settlement annuity payment made to a person referred to in

section 13 (2) (

a) of this regulation if

(

i) the payment is applied exclusively to or used exclusively for disability-related costs as defined in

section 13 (1) of this regulation, and

(ii) the amount of the exemption under subparagraph (

i) for all payments that, during a calendar year, are applied exclusively for the costs referred to in paragraph (

d) of that definition does not exceed $5 484; , and

(

c) by adding the following subsections:

(2) Subsection (1) (d.1) applies in respect of a person only if

(

a) the person has entered into a settlement agreement with the defendant in relation to a claim for damages in respect of personal injury or death, and

(

b) the settlement agreement requires the defendant to

(

i) make periodic payments to the person for a fixed term or the life of the person,

(ii) purchase a single premium annuity contract that

(

A) is not assignable, commutable or transferable, and

(

B) is designed to produce payments equal to the amounts, and at the times, specified in the settlement agreement,

(iii) make an irrevocable direction to the issuer of the annuity contract to make all payments under that annuity contract directly to the person, and

(iv) remain liable to make the payments required by the settlement agreement.

(3) In this section, "structured settlement annuity payment" means a payment referred to in subsection (2) (b) (iii) made under the annuity contract referred to in that subsection.