| Contents |
|---|
| Part 1 — Interpretation and Application |
| | 1 | Definitions and interpretation |
| | 2 | Company Act and Business Corporations Act apply to financial institutions only as specified in this
Act |
| | 3 | Application of Company Act to trust companies and insurance companies |
| | 4 | Application of Company Act to special Act insurers |
| | 5 | Application of Company Act to credit unions |
| | 6 | Repealed |
| | 7 | Statement of particulars |
| | 8 | Pre-existing trust company |
| | 9 | General rules respecting Company Act interpretation |
| | 10 | Specific rules respecting Company Act interpretation |
| | 10.1 | Specific rules respecting Business Corporations Act application to extraprovincial corporations |
| | 11 | This Act paramount |
| Part 2 — Incorporation, Significant Changes and Winding Up |
| | Division 1 — Incorporation and Significant Changes |
| | 12 | Application for incorporation |
| | 13 | Articles |
| | 14 | Cumulative voting for directors |
| | 15 | Registration documents |
| | 16 | Evidence of incorporation |
| | 17 | Conclusiveness of certificate |
| | 18 | Consent to incorporation |
| | 19 | Power and capacity of trust companies and insurance companies |
| | 20 | Preliminary activities |
| | 21 | Conversion of special Act insurance company |
| | 22 | Liabilities unaffected by conversion |
| | 23 | Transfer of incorporation to British Columbia |
| | 24 | Transfer of incorporation from British Columbia |
| | 25 | Effect of continuation |
| | 26 | Amalgamation permitted |
| | 27 | Consent of commission to amalgamation |
| | 28 | Consent of commission to compromise, acquisition, disposition |
| | 29 | Requirements for consent |
| | 30 | Name |
| | 31 | False representation prohibited |
| | 32 | Director's application to Supreme Court — commission is party |
| | 33 | Commission's consent |
| | Division 2 — Dissolution and Winding Up of Trust Companies and Insurance Companies |
| | 34 | Commission's consent required on "striking off" or "restoration" |
| | 35 | Notice to superintendent required on voluntary dissolution or winding up |
| | 36 | Winding up by Supreme Court order — commission is party |
| | 37 | Unclaimed or undistributed assets |
| | 38 | Winding up on direction of commission |
| | 39 | Filing quarterly statements and producing records |
| | 40 | Examination of trust and insurance companies being wound up |
| | Division 3 — Special Provisions Respecting Insurance Companies Ceasing Business or Winding Up |
| | 41 | Provisions for subsisting contracts of insurance |
| | 42 | Reinsurance arranged by liquidator |
| | 43 | Rights of the insured on reinsurance |
| | 44 | Termination if reinsurance is not arranged |
| | 45 | Liquidator's duty to give notice |
| | 46 | Provision for payment of losses, preferred claims and unearned premiums |
| | 47 | Endowment and life funds distributed |
| | Division 4 — Ownership of Trust and Insurance Companies |
| | 48 | Definitions and interpretation for Division |
| | 49 | Determination of base level ownership percentage |
| | 50 | Share acquisition restrictions |
| | 51 | Grounds for refusal of consent to major share acquisition |
| | 52 | Reporting requirement |
| | 53 | Shares acquired in contravention of section 50 not registrable |
| | 54 | Prohibition on dividends |
| | 55 | No voting rights if excess shareholdings |
| | 56 | Validity of transfer of voting shares |
| | 57 | Directors' bylaws — members' declarations |
| | 58 | Commission may require declaration of share ownership |
| Part 3 — Business Authorization and Business |
| | Division 1 — Business Authorization of Financial Institution |
| | 59 | Commencement of business |
| | 60 | Business authorizations for corporations now in business |
| | 61 | Application for business authorization |
| | 62 | Conditions on business authorization |
| | 63 | Certificate of business authorization |
| | 64 | Voluntary revocation of business authorization |
| | Division 2 — Operation of Financial Institutions |
| | 65 | Authorized business |
| | 66 | Membership in insurance plan |
| | 67 | Capital and liquidity of financial institutions |
| | 68 | Repealed |
| | 69 | Restriction on right to appoint receiver |
| | Division 3 — Trust Business |
| | 70 | Unauthorized trust business by corporations prohibited |
| | 71 | Repealed |
| | 72 | Common trust funds authorized |
| | 73 | Extent of liability |
| | 74 | Execution of trusts |
| | Division 4 — Insurance Business |
| | 75 | Unauthorized insurance business prohibited |
| | 76 | Exceptions |
| | 77 | Reserves |
| | 78 | Reinsurance |
| | 79 | Rebates of premiums prohibited |
| | 80 | Separation of class funds of insurance company |
| | Division 5 — Deposits and Borrowing of Trust Companies and Credit Unions |
| | 81 | Unauthorized deposit business prohibited |
| | 82 | Deposits in credit unions |
| | 83 | Deposits from persons unable to contract |
| | 84 | Disposition of deposits |
| | 85 | Inactive deposits |
| | 86 | Limitation on lending |
| | 87 | Subordinated notes |
| | Division 6 — Marketing of Financial Products |
| | 88–90 | Repealed |
| | 91 | Disclosure of identity in advertising, etc |
| | 92 | Insurers to file policy forms |
| | 92.1 | Requirements of out of province insurers |
| | 93 | Prohibition against unfair forms of contract |
| | 94 | Coercive tied selling prohibited |
| | 95 | Repealed |
| | 96 | Substitute action of commission |
| Part 4 — Corporate Governance |
| | Division 1 — Directors and Officers of Financial Institutions |
| | 97 | Number of directors and unaffiliated directors |
| | 98 | First directors of trust companies and insurance companies |
| | 99 | Removal of directors and officers |
| | 100 | Credit union directors ceasing to hold office |
| | 101 | Standard of care for directors and officers |
| | 102 | Indemnification of directors and officers |
| | 103 | Quorum and unaffiliated directors |
| | 104 | Misuse of confidential information |
| | 105 | Information required of directors and senior officers |
| | 106 | Meeting requested by auditor |
| | 107 | Meeting requested by commission |
| | 108 | Director's statement on own resignation or pending removal |
| | 109 | Circulation of director's statement |
| | 110 | Directors' remuneration |
| | 111 | Committees |
| | 112 | Conduct review committee |
| | Division 2 — Auditors and Audit Committees of Financial Institutions |
| | 113 | Auditor |
| | 114 | Auditor may be a depositor |
| | 115 | Audit committee and unaffiliated directors |
| | 116 | Auditor has right to attend directors' meetings |
| | 117 | Appointment and removal of auditor |
| | 118 | Report to accounting body |
| | 119 | Resignation of auditor |
| | 120 | Auditor appointment for subsidiary |
| | 121 | Amendment of financial statements and report |
| | 122 | Access to information |
| | 123 | Report to directors |
| | 124 | Additional reporting |
| | 125 | Additional auditor |
| | 126 | No liability |
| | Division 3 — Books, Records, Returns and Financial Statements of Financial Institutions |
| | 127 | Filings |
| | 128 | Financial statements |
| | 129 | Accounting principles |
| | 130 | Public access to financial information |
| | 131 | Financial year end |
| | 132 | Records filed with registrar |
| | 133 | Location of records |
| | 134 | Repealed |
| | Division 4 — Investments and Lending of Financial Institutions |
| | 135 | Investment and loan committee |
| | 136 | Investment and loan standards |
| | 137 | Commission's powers over investment and lending policy |
| | 138 | Compliance with investment and lending limits |
| | 139 | Credit unions not permitted to invest in other credit unions |
| | 140 | Other authorized loans, investments and activities of subsidiaries |
| | 141 | Investment in a corporation |
| | 142 | Other authorized investments |
| | 143 | Disposal of investments |
| Part 5 — Related Parties |
| | 144 | Interpretation and designation of related parties |
| | 145 | When related party transactions are permitted |
| | 146 | Conduct review committee's power to approve other transactions |
| | 147 | When commission may consent to related party transactions |
| | 148 | Restrictions on self dealing as a fiduciary |
| | 149 | Disclosure by related parties |
| | 150 | Voidable transactions |
| | 151 | Derivative action |
| | 152 | Liability arising from related party transactions |
| | 153 | Burden of proof |
| | 154 | Reporting by auditor |
| | 155–156 | Repealed |
| Part 6 — Regulation of Other Persons |
| | Division 1 — Extraprovincial Corporations |
| | 157 | Definition of "primary jurisdiction" |
| | 158 | Application of this Division |
| | 159 | Authorized business |
| | 160 | Application for business authorization |
| | 161 | Name |
| | 162 | Records |
| | 163 | Annual audited statements required |
| | 164 | Requirement for notice of regulatory action outside British Columbia |
| | 165 | Examination of extraprovincial corporations |
| | 166 | Amalgamation of extraprovincial corporations |
| | 167 | Notice of ceasing business |
| | Division 2 — Insurance Agents and Adjusters |
| | 168 | Definitions for Division |
| | 169 | Exercise of rights under licence |
| | 170 | Nominees |
| | 171 | Prohibition of unlicensed agents and salespersons |
| | 172–173 | Repealed |
| | 174 | Issue of licences |
| | 175 | Repealed |
| | 176 | Insurance applications to be accepted only from holders of licences |
| | 177 | Selling offences |
| | 178 | Payment of commission to unlicensed agents prohibited |
| | 179 | Persons who may negotiate settlement of personal injury claim |
| | 180 | Prohibition of unlicensed adjusters |
| | 181–185 | Repealed |
| | Division 3 — Reciprocal Exchanges for Insurance |
| | 186 | Interpretation |
| | 187 | Permit for reciprocal insurance |
| | Division 4 — Mutual Fire Insurance Companies |
| | 188 | Definition |
| | 189 | Application |
| | Division 5 — Societies Engaged in Insurance |
| | 190 | Definition of society |
| | 191 | Deemed business authorization for certain existing societies |
| | 192 | Provisions applicable |
| | 193 | Certain other existing societies exempt |
| | 194 | When society not entitled to receive business authorization |
| | 195 | Actuarial certificates |
| | 196 | Limit of insurance money payable |
| | 197 | Amendment of charter |
| | 198 | Society operating outside British Columbia |
| | 199 | Societies |
| | 200 | Provisions applicable to certain societies |
| Part 7 — Administration of the Regulation of Financial Institutions |
| | Division 1 — Financial Institutions Commission |
| | 201 | Financial Institutions Commission |
| | 202 | Constitution of commission |
| | 202.1 | Application of Administrative Tribunals Act |
| | 203 | Panels |
| | 204 | Commission is subject to direction |
| | 205 | Staff |
| | 206 | Requirement to insure |
| | 207 | Superintendent of Financial Institutions |
| | 208 | Power to require undertakings and make agreements |
| | 209 | Capacity outside British Columbia |
| | 210 | Examinations, audits, inspections |
| | 211 | Superintendent may require information |
| | 211.1 | Requirement for notice of action outside British Columbia |
| | 212 | Examination |
| | 213 | Inquiries |
| | 214 | Special examination |
| | 215 | Investigation |
| | 215.1 | Extrajurisdictional evidence |
| | 215.2 | Extrajurisdictional request for evidence |
| | 216 | Immunities, witnesses on a special examination or on an investigation |
| | 217 | Extension of time |
| | 218 | Confidential information |
| | 219 | Agreements with other jurisdictions |
| | Division 2 — Insurance Council of British Columbia |
| | 219.1 | Collecting and sharing information respecting financial institutions |
| | 220 | Establishment of the Insurance Council of British Columbia |
| | 221 | Alternates |
| | 222 | Executive director |
| | 223 | Committees |
| | 224 | Voting |
| | 225 | Meetings |
| | 225.1 | Rules of council |
| | 225.2 | Procedures for and availability of rules |
| | 225.3 | Regulation prevails over council rule |
| | 226 | Administrative policies |
| | 227 | Duties of council |
| | 228–229 | Repealed |
| | 230 | Effect of a transfer of powers to superintendent |
| | 231 | Council may suspend, cancel or restrict licences and impose fines |
| | 232 | Investigation |
| | 232.1 | Powers on investigation |
| | 233–234 | Repealed |
| | Division 3 — Hearings and Appeals |
| | 235 | Orders, consents and refusals to be in writing |
| | 236 | Power to impose conditions |
| | 237 | Hearing requirements |
| | 238 | Summary procedure — superintendent or council |
| | 238.1 | Summary procedure — commission |
| | 239 | Public hearing |
| | 240 | Witnesses at hearings |
| | 241 | Costs of investigation |
| | 241.1 | Assessment of costs |
| | 242 | Appeal from a decision of the superintendent or council |
| | 242.1 | Financial Services Tribunal |
| | 242.2 | Practice and procedure |
| | 242.3 | Judicial review |
| | 242.4 | Appeal from a decision of the commission |
| | 243 | Immunities |
| Part 8 — Sanctions |
| | Division 1 — General Sanctions |
| | 244 | Commission's order to cease or remedy |
| | 245 | Order to freeze property |
| | 246 | Order for compliance |
| | 247 | Valuation of assets and insurance contracts |
| | 248 | Supervision of central credit union |
| | 249 | Revocation of business authorization |
| | 250 | Notice of revocation of business authorization |
| | 251 | Appointment of receiver, etc |
| | Division 2 — Offences and Penalties |
| | 252 | Offences |
| | 253 | Penalties |
| | 253.1 | Administrative penalties |
| | 253.2 | Limitation on proceedings |
| | 253.3 | Failure to pay administrative penalty |
| | 254 | Remedies preserved |
| | 255 | Limitation period |
| | 256 | Court order to comply |
| | 257 | Restitution |
| | 258 | Innocent third parties |
| | 259 | Remedy of irregularities |
| Part 9 — Deposit Insurance and Stabilization of Credit Unions |
| | 260 | Definitions and interpretation for Part |
| | Division 1 — Credit Union Deposit Insurance Corporation of British Columbia |
| | 261 | Credit Union Deposit Insurance Corporation of British Columbia |
| | 262 | General powers of the deposit insurance corporation |
| | 263 | Accounting records |
| | 264 | Appointment of auditor |
| | 265 | Auditor's report |
| | Division 2 — Deposit Insurance |
| | 266 | Guarantee of credit union deposits |
| | 267 | Fund |
| | 268 | Contributions to fund |
| | 269 | Issue of debentures |
| | 270 | Redemption of debentures |
| | 271 | Fund impaired |
| | 272 | Investment by deposit insurance corporation |
| | 273 | Acts not applicable |
| | 274 | Fund protection symbol |
| | Division 3 — Stabilization |
| | 275 | Supervision of credit union |
| | 276 | Duration of supervision |
| | 277 | Orders in relation to credit union that is subject to supervision |
| | 277.1 | Additional circumstances in which section 277 orders may be made |
| | 277.2 | Assistance to administrator in relation to section 277 orders |
| | 278 | Administrator's powers |
| | 279 | Administrator |
| | 280 | Financial assistance |
| | Division 4 — Stabilization Authority |
| | 281 | Stabilization authority defined |
| | 282 | Designation |
| | 283 | Mandatory membership |
| | 284 | Revocation of stabilization authority status and delegated powers |
| | 285 | Commission may delegate to stabilization authority |
| | 286 | Stabilization authority is subject to direction |
| | 287 | Advance from fund to stabilization authority |
| | 288 | Annual report of stabilization authority |
| Part 10 — Regulations and Transition |
| | Division 1 — Regulations |
| | 289 | Regulations |
| | 290 | Transfer of disciplinary powers |
| | Division 2 — Transitional Provisions |
| | 291 | Validity of loans |
| | 292 | Validity of credit union amalgamations before June 25, 1975 |
| | 293 | Variation of agreements |
| Part 11 — Review of Act |
| | 294 | Review of Act |
