B.C. Statutes We Administer
FICOM administers the following nine provincial statutes:
- Credit Union Incorporation Act
This statute provides a corporate governance framework for credit unions consistent with their co-operative characteristics.
- 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.
- 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.
- Mortgage Brokers Act - provides a registration and regulatory framework for mortgage brokers who deal with the public.
- 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.
- 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 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. The Superintendent of Real Estate has a limited role under the Strata Act however the
- Strata Property Act - provides a framework for creating Strata Property, and sets out rights and responsibilities for those living in strata developments.
Copies of the statutes are available at a modest cost from:
563 Superior Street
Phone: 1 800-663-6105