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B.C. Reg. 178/92
O.C. 715/92
Deposited May 8, 1992
This consolidation is current to April 16, 2024.

Financial Institutions Act

Insurance Society Exemption Regulation

Interpretation

1   In this regulation "Act" means the Financial Institutions Act.

Exemption from section 196

2   Section 196 of the Act does not apply to a society, described in that section, in respect of a contract between it and a member of the society if each of the following conditions is fulfilled:

(a) the society's assets exceed its liabilities by at least $3 million;

(b) the contract with the member

(i) provides health care benefits or income replacement benefits covering a period of disability because of illness or injury, and

(ii) pays insurance money not exceeding $100 000 during a 24 month benefit period.

[Provisions of the Financial Institutions Act, R.S.B.C. 1996, c. 141, relevant to the enactment of this regulation: section 289 (4) (o)]