Interpretation

1   In this regulation:

"Act" means the Financial Institutions Act;

"Catholic Mutual Relief Society of America" means the Catholic Mutual Relief Society of America incorporated in Nebraska with the incorporation number 0198315.

[en. B.C. Reg. 379/2008, Sch. 1, s. 1.]

Exemption from application of Parts 1 to 10 of the Act

2   Parts 1 to 10 of the Act do not apply to the following:

(a) the deposit insurance corporation;

(b) the Canada Deposit Insurance Corporation;

(c) the Canadian Investor Protection Fund;

(d) the government, or a corporation that is an agent of the Crown, in respect of a program established under the Insurance for Crops Act or the Farm Income Insurance Act;

(e) the Real Estate Compensation Fund Corporation established under the Real Estate Services Act;

(f) subject to section 2.1, the Catholic Mutual Relief Society of America.

[am. B.C. Reg. 379/2008, Sch. 1, s. 2.]

Catholic Mutual Relief Society of America

2.1   Parts 1 to 10 of the Act do not apply to the Catholic Mutual Relief Society of America if the society meets the following conditions:

(a) it must not provide insurance coverage where insurance is required by law in British Columbia;

(b) it must not provide accident and sickness, or life insurance;

(c) it must provide insurance coverage only to an entity in British Columbia that is

(i) not-for-profit,

(ii) exempt from, or not subject to, the taxes imposed by the Income Tax Act (Canada), and

(iii) governed or administered by an archbishop, bishop or cardinal in the person's role as an archbishop, bishop or cardinal ordained by and in the service of the Catholic Church;

(d) it must disclose the following in writing to its members:

(i) the insurance coverage that it is providing is not provided by an insurance company that is regulated under the Act;

(ii) it is exempt from the regulatory requirements of the Act.

[en. B.C. Reg. 379/2008, Sch. 1, s. 3; am. B.C. Reg. 76/2022, s. 7.]

Exemption from application of Parts 1 to 6 of the Act

3   Parts 1 to 6 of the Act do not apply to the following:

(a) the Canadian Life and Health Insurance Compensation Plan administered by the Canadian Life and Health Insurance Compensation Corporation;

(b) the Property and Casualty Insurance Compensation Plan;

(c) the Real Estate Errors and Omissions Insurance Fund continued under the Real Estate Services Act.

Manufacturer's and retailer's warranties

4   Section 75 of the Act does not apply to

(a) a manufacturer or a retailer,

(b) a corporation of which the manufacturer or retailer is a wholly owned subsidiary, or

(c) a wholly owned subsidiary of the manufacturer or retailer

that provides vehicle warranty insurance or product warranty insurance that is solely incidental to the sale of the vehicle or product by the manufacturer or retailer.

Employee benefits

5   (1) In this section:

"employee benefits" means one or more of the following that are provided to employees or their dependants:

(a) accident and sickness insurance;

(b) disability insurance;

(c) life insurance;

"employees" includes former employees, directors, former directors, officers, former officers and, in respect of a union or society, members and former members;

"employer" includes

(a) a group of employers,

(b) a union or group of unions, and

(c) an entity formed by an employer to provide employee benefits to the employer's employees.

(2) Section 75 of the Act does not apply to an employer that provides employee benefits to employees or their dependants, on the condition that the employer discloses in writing to the employer's employees that

(a) the employee benefits are not insured by an insurance company regulated under the Act, and

(b) the employer is exempt from the regulatory requirements of the Act.

[am. B.C. Reg. 22/2013, App. 5, s. 1.]

Charitable gift annuities

6   (1) In this section:

"charitable gift annuity" means an annuity

(a) provided by a charitable organization in return for a transfer of cash or other property by a donor to the charitable organization, and

(b) with a value that is less than the value of the cash or other property transferred, and the difference in value is a charitable deduction under the Income Tax Act (Canada);

"charitable organization" means a charitable organization that is a registered charity, as defined in section 248 of the Income Tax Act (Canada).

(2) Section 75 of the Act does not apply to a charitable organization that provides a charitable gift annuity to a donor, on the condition that the charitable organization discloses in writing to the donor, when entering into an agreement with the donor, that

(a) the charitable gift annuity is not insured by an insurance company regulated under the Act, and

(b) the charitable organization is exempt from the regulatory requirements of the Act.

Extraprovincial insurance agencies

7   Division 1 of Part 6 of the Act does not apply to an extraprovincial corporation that

(a) is licensed under Division 2 of the Part 6 as an insurance agent or insurance adjuster, and

(b) carries on insurance business only in its capacity as an insurance agent or insurance adjuster.

BCAA Insurance Corporation

8   Section 131 of the Act does not apply to the BCAA Insurance Corporation, on condition that its financial year end is September 30.

Conditions for section 76 (1) (c) of the Act

9   It is a condition of section 76 (1) (c) of the Act that the insurance agent referred to in that section

(a) does not directly or indirectly solicit the resident for the contract of insurance, and

(b) files with the superintendent, within 30 days of the end of each quarter, the following information with respect to the contracts of insurance referred to in that section that are entered into by the agent:

(i) the names of the insureds;

(ii) the particulars of the insurance;

(iii) the names of the insurers;

(iv) the amount of insurance placed with each insurer referred to in subparagraph (iii) and the rate and the amount of premiums paid.

[en. B.C. Reg. 299/2009, Sch. 2, s. 1 (b).]

Extraprovincial insurance corporation — reinsurance

10   Parts 1 to 6 of the Act do not apply to the following:

(a) an extraprovincial insurance corporation whose insurance business in British Columbia is confined to reinsurance of persons referred to in section 75 (a) to (c) or (e) to (i) of the Act or in sections 1 to 6 of this regulation;

(b) an extraprovincial insurance corporation that has a business authorization to carry on insurance business in British Columbia when

(i) the extraprovincial insurance corporation is engaged in an activity referred to in paragraph (a) of the definition of "insurance business" in section 1 (1) of the Act and the activity is not conducted in British Columbia,

(ii) the insurance referred to in paragraph (a) of the definition of "insurance business" in section 1 (1) of the Act as it applies for the purposes of this section is reinsurance of persons referred to in section 75 (a) to (c) or (e) to (i) of the Act or in sections 1 to 6 of this regulation, and

(iii) the risk or peril to which the object of the reinsurance may be exposed is located in British Columbia.

[en. B.C. Reg. 326/2010, s. 1.]

Commercial marine insurance

11   (1) In this section, "marine insurance" means marine insurance as defined in section 1 (1) of the Classes of Insurance Regulation, but does not include "pleasure craft insurance" as defined in the Insurance Premium Tax Act.

(2) Parts 1 to 6 of the Act do not apply to an extraprovincial insurance corporation when

(a) the extraprovincial insurance corporation is engaged in an activity referred to in paragraph (a) of the definition of "insurance business" in section 1 (1) of the Act and the activity is not conducted in British Columbia,

(b) the insurance referred to in paragraph (a) of the definition of "insurance business" in section 1 (1) of the Act, as it applies for the purposes of this section, is marine insurance, and

(c) the risk or peril to which the object of the marine insurance may be exposed is located in British Columbia.

[en. B.C. Reg. 326/2010, s. 2; am. B.C. Reg. 204/2011, Sch. B, s. 3.]