Interpretation

1   In this regulation:

"Act" means the Financial Institutions Act;

"comparable legislation" means the legislation of another province or of Canada under which

(a) an extraprovincial insurance corporation is licensed, registered or in any way authorized to carry on activities that are substantially the same as insurance business, or

(b) an extraprovincial trust corporation is licensed, registered or in any way authorized to carry on activities that are substantially the same as trust business or deposit business or both,

as the case may be.

Condition respecting disclosure to superintendent

2   It is a condition of every business authorization issued to an extraprovincial corporation that the extraprovincial corporation permit persons charged with the administration and enforcement of the Act, or the administration and enforcement of comparable legislation

(a) to provide the superintendent, or any person acting under the direction of the superintendent, with information and records relating to the extraprovincial corporation, and

(b) to discuss with the superintendent any particulars of the extraprovincial corporation.

[am. B.C. Regs. 219/2019; 208/2021, App. 5, s. 3.]