Section 4 (1) BEFORE amended by BC Reg 40/2018, effective March 12, 2018.
(1) In subsection (3), "indebtedness" of a financial institution means indebtedness that is both
(a) wholly unsecured against any specific property of the financial institution, and
(b) subordinated, in right of payment in the event of insolvency or winding up of the financial institution, to all of its indebtedness of any other type
and includes an equity interest in the financial institution, other than an equity interest represented by shares described in section (3) (a) or (b).
Section 5 table item 7 BEFORE amended by BC Reg 219/2019, effective November 1, 2019.
| 7 | An investment in a corporation, in which the financial institution has a substantial investment, that (a) carries on a mutual fund investment or a type of business or activity listed in section 2 of the Prescribed Types of Business Regulation, or (b) is a corporation in respect of which the commission has given written consent under section 141 (2) (c) of the Act and that carries on a business reasonably ancillary to the business of the financial institution | To be deducted only to the extent that the aggregate of the financial institution's investment in all such corporations exceeds 2% of the financial institution's total assets. |
Section 5 table item 7 BEFORE amended by BC Reg 208/2021, effective August 1, 2021.
| 7 | An investment in a corporation, in which the financial institution has a substantial investment, that (a) carries on a mutual fund investment or a type of business or activity listed in section 2 of the Prescribed Types of Business Regulation, or (b) is a corporation in respect of which the Authority has given written consent under section 141 (2) (c) of the Act and that carries on a business reasonably ancillary to the business of the financial institution. | To be deducted only to the extent that the aggregate of the financial institution's investment in all such corporations exceeds 2% of the financial institution's total assets. |
Section 8.1 BEFORE re-enacted by BC Reg 40/2018, effective March 12, 2018.
Capital base adequacy — life insurance companies
8.1 The amount that under section 67 (1) of the Act constitutes a minimum adequate capital base of an insurance company that is authorized to carry on life insurance business is 120% of the minimum adequate capital base amount determined in accordance with the Minimum Continuing Capital and Surplus Requirements for Life Insurance Companies (MCCSR) guidelines as established and published, and amended from time to time, by the Superintendent of Financial Institutions Canada.
[en. B.C. Reg. 565/2004, s. 4.]
Section 10 (2) (part) and (3) (part) BEFORE amended by BC Reg 219/2019, effective November 1, 2019.
(2) If the amount of a credit union's capital base does not, at all times after its financial year end, comprise at least 8% of the calculated value of the credit union's risk-weighted assets, then, unless it first receives the written approval of the commission, the credit union must not
(3) The commission must not give approval under subsection (2) unless the commission is satisfied that
Section 10 (2) (part) and (3) (part) BEFORE amended by BC Reg 208/2021, effective August 1, 2021.
(2) If the amount of a credit union's capital base does not, at all times after its financial year end, comprise at least 8% of the calculated value of the credit union's risk-weighted assets, then, unless it first receives the written approval of the Authority, the credit union must not
(3) The Authority must not give approval under subsection (2) unless the Authority is satisfied that
Section 15 (3) BEFORE amended by BC Reg 173/2017, effective September 21, 2017.
(3) Where the unweighted aggregate value of a credit union's commercial loans and commercial leases exceeds 30% of the aggregate value of its unweighted assets, an additional weighting factor of 1.0 shall be applied to the proportion of value exceeding 30%.