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"Point in Time" Regulation Content

Financial Institutions Act

Insurance Company Reinsurance Limitation Regulation

B.C. Reg. 324/90

NOTE: Links below go to regulation content as it was prior to the changes made on the effective date. (PIT covers changes made from September 19, 2009 to "current to" date of the regulation.)
SECTIONEFFECTIVE DATE
Section 3 January 30, 2013
Section 4 January 30, 2013
Section 5 January 30, 2013
November 1, 2019
August 1, 2021

 Section 3 (1) BEFORE amended by BC Reg 22/2013, effective January 30, 2013.

(1)  An insurance company other than an insurance company described in subsection (2) or (3) shall not obtain reinsurance against more than 75% of the aggregate amount of all risks undertaken by it in any calendar year.

 Section 4 (1) BEFORE amended by BC Reg 22/2013, effective January 30, 2013.

(1)  For the purpose of section 78 of the Act, the reinsurance that an insurance company may obtain through unauthorized insurers is limited to an amount of reinsurance against risks undertaken by the insurance company that is not more than 25% of the aggregate amount of all risks undertaken by it.

 Section 5 was enacted by BC Reg 22/2013, effective January 30, 2013.

 Section 5 (1) (part), (2) (part) and (3) BEFORE amended by BC Reg 219/2019, effective November 1, 2019.

(1) Subject to subsection (2), an insurance company may obtain reinsurance against more than the percentages set out in section 3 of the various aggregate amounts described in section 3, as applicable, if the commission is of the opinion that one of the following applies:

(2) An insurance company may obtain reinsurance against more than the percentage of the aggregate amount set out in section 4 (1) or the amount described in section 4 (2), as applicable, if the commission is of the opinion that one of the following applies:

(3) If the superintendent exercises discretion under subsection (1) or (2), the superintendent must set the maximum percentage for which the insurance company may obtain reinsurance.

 Section 5 (1) (part), (2) (part) and (3) BEFORE amended by BC Reg 208/2021, effective August 1, 2021.

(1) Subject to subsection (2), an insurance company may obtain reinsurance against more than the percentages set out in section 3 of the various aggregate amounts described in section 3, as applicable, if the Authority is of the opinion that one of the following applies:

(2) An insurance company may obtain reinsurance against more than the percentage of the aggregate amount set out in section 4 (1) or the amount described in section 4 (2), as applicable, if the Authority is of the opinion that one of the following applies:

(3) If the Authority exercises its discretion under subsection (1) or (2), the Authority must set the maximum percentage for which the insurance company may obtain reinsurance.