Statutes

FICOM administers the following 10 provincial statutes

The following B.C. Statutes are administered by the Credit Unions and Trust Companies Department:

- Regulates credit unions and trust companies under the Financial Institutions Act and the Credit Union Incorporation Act. 
- Administers deposit insurance for credit unions through the Credit Union Deposit Insurance Corporation.

• Financial Institutions Act
  This statute provides a regulatory framework to govern all provincially regulated financial institutions including trust companies, insurance companies and credit unions. It also provides the licensing and regulatory framework for insurance agents, salespersons and adjusters under the supervision of the Insurance Council of British Columbia. The statute further provides for a credit union deposit insurance fund.
  
  Financial Institutions Act Regulations
  
  
• Credit Union Incorporation Act
  This statute provides a corporate governance framework for credit unions consistent with their co-operative characteristics.
  
  Credit Union Incorporation Act Regulations

• Insurance Act - provides certain statutory requirements for contracts of insurance.



• Insurance (Captive Company) Act - establishes British Columbia as a domicile for captive insurance companies and provides a registration and regulatory framework for captive insurance companies.



• Insurance (Marine) Act - provides certain statutory requirements for contracts of marine insurance.

• Pension Benefits Standards Act - is designed to protect the interests of British Columbia pension plan members by setting minimum standards for British Columbia pension plans; and it is also designed to protect the financial health of pension plans through rules for investment of a plan's assets, and through funding and solvency standards.
  
  Pension Benefits Standards Regulations

• Mortgage Brokers Act - provides a registration and regulatory framework for mortgage brokers who deal with the public.


Mortgage Brokers Act Regulations


• Real Estate Services Act - provides a licensing and regulatory framework for realtors that is administered primarily by the Real Estate Council of British Columbia, and overseen by the Superintendent of Real Estate.
  
  Real Estate Services Regulations
  
  
• Real Estate Development Marketing Act - governs the marketing of development property and requires developers to obtain development approvals, file disclosure statements, place purchase monies in trust, and provide rescission rights.
  
  Real Estate Development Marketing Regulations
  
  
• Strata Property Act - provides a framework for creating Strata Property, and sets out rights and responsibilities for those living in strata developments.

Crown Publications
521 Fort Street
Victoria, British Columbia V8W 1E7
Phone: 250 386-4636
Fax: 250 386-0221
Email: crown@crownpub.bc.ca
Internet: www.qp.gov.bc.ca/statreg