Interpretation

1   The definitions in section 168 of the Financial Institutions Act apply for the purposes of this regulation.

Conditions respecting business premises of trust companies and credit unions

2   (1) Subject to subsections (2) and (3), it is a condition of every business authorization issued to a trust company, credit union or extraprovincial trust corporation that its business office be located in premises that are separate and distinct from the business office of an insurance agent.

(2) A business office of a credit union that, immediately before September 15, 1990, was located in the same premises as a business office of an insurance agent may continue to be located in those premises if the business office of the credit union is in an area of the premises that is separate and distinct from the business office of the insurance agent.

(3) Where a credit union relocates a business office described in subsection (2), the business office of the insurance agent described in subsection (2) may be relocated to the same premises if the business office of the credit union is in an area of the premises that is separate and distinct from the business office of the insurance agent.

[am. B.C. Reg. 181/92.]

Conditions respecting business premises of insurance agents

3   (1) It is a condition of every licence issued to an insurance agent, other than an insurance agent described in subsection (2) or (3), that the business office of the insurance agent be located in premises that are separate and distinct from the business office of a savings institution.

(2) A business office of an insurance agent that, immediately before September 15, 1990, was located in the same premises as a business office of a credit union, may continue in those premises if the business office of the insurance agent is in an area of the premises that is separate and distinct from the area occupied by the business office of the credit union.

(3) If a credit union relocates a business office described in subsection (2), the insurance agent described in subsection (2) may relocate its business office to the same premises, if the business office of the insurance agent is in an area of the new premises that is separate and distinct from the area occupied by the business office of the credit union.

[en. B.C. Reg. 577/2004.]