Insurance Corporation Act

APPLICATION OF LEGISLATION REGULATION

Application of the Financial Institutions Act

1 The corporation must comply with sections 66 (2), 79, 88, 90 to 92, 93 (1), 94 and 95 of the Financial Institutions Act in relation to the corporation’s optional automobile insurance business.

Application of the Insurance Companies Act (Canada) and its regulations

2 (1) For the purposes of section 29 (1) of the Insurance Corporation Act, the corporation must comply with section 492 of the Insurance Companies Act (Canada).

(2) The corporation must comply with sections 502 (1) and (3) and 505 to 508 of the Insurance Companies Act (Canada) in relation to the corporation’s optional automobile insurance business.

(3) The corporation must, in respect of its optional automobile insurance business, comply with the Investment Limits (Insurance Companies) Regulations (Canada), SOR/2001-396, as if that optional automobile insurance business were a property and casualty company within the meaning of that regulation.

Disposition not required until January 1, 2009

3 (1) Nothing in sections 1 and 2 of this regulation requires the corporation to dispose of investments or loans that were lawfully acquired on the date of their acquisition.

(2) Despite subsection (1), the corporation must, before January 1, 2009, dispose of all investments and loans that would cause the corporation to be in default of section 1 or 2 on that date.

Note: this regulation repeals B.C. Reg. 352/90.

[Provisions of the Insurance Corporation Act, R.S.B.C. 1996, c. 228, relevant to the enactment of this regulation: section 39]

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