Definitions

1   In this regulation:

"Act" means the Financial Institutions Act;

"authorized society" has the same meaning as in section 197.1 (1) of the Act;

"society" has the same meaning as in section 1 of the Societies Act.

Auditor

2   A society that carries on insurance business must have an auditor who is qualified under Part 9 of the Societies Act.

Prudent standards

3   (1) A society that carries on insurance business must adhere to prudent standards, as defined in section 136 (1) of the Act, in investing the society's funds.

(2) Subsection (1) of this section does not apply to a society to which section 136 of the Act applies.

Consent required for reorganization, liquidation
or dissolution of authorized society

4   An authorized society must not do any of the following without first obtaining the consent of the superintendent:

(a) sell, lease or otherwise dispose of all or substantially all of the society's undertaking, as described in section 92 of the Societies Act;

(b) propose an arrangement under section 99 of the Societies Act;

(c) voluntarily dissolve, or liquidate and dissolve, under the Societies Act.

[am. B.C. Regs. 219/2019; 208/2021, App. 5, s. 1.]

Consent required for restoration of dissolved society

5   A person must not apply to restore a dissolved society that, before its dissolution, carried on insurance business, without first obtaining the consent of the superintendent.

[am. B.C. Regs. 219/2019; 208/2021, App. 5, s. 1.]

Application of section 23 of Act

6   Section 23 of the Act applies in relation to a consent under section 4 or 5 of this regulation, except that, for the purposes of applying section 23 of the Act, the reference to "officers" in that section must be read as a reference to "senior managers" within the meaning of the Societies Act.