Definitions

1   In this regulation:

"Act" means the Financial Institutions Act;

"OmbudService for Life & Health Insurance" means the Canadian Life and Health Insurance OmbudService carrying on business as the OmbudService for Life & Health Insurance;

"primary jurisdiction" has the same meaning as in section 157 of the Act.

Membership in dispute resolution service

2   (1) A person that holds a business authorization, or that is deemed under section 191 of the Act to have a business authorization, authorizing the person to carry on an insurance business must be a member of the OmbudService for Life & Health Insurance or the General Insurance OmbudService.

(2) Subsection (1) does not apply if

(a) the person's business is restricted to reinsurance,

(b) the person is a mutual company, or

(c) the person is a member of an organization with purposes similar to the purposes of the organizations referred to in subsection (1), in fulfillment of a requirement under a law of the insurer's primary jurisdiction.

Exemption from section 80.3 of the Act

3   Section 80.3 of the Act does not apply to an insurer whose business is restricted to reinsurance.