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.