O.C. 441/2001

A.R. 213/2001

November 21, 2001


Insurance Act



1   The Miscellaneous Provisions Regulation (AR 120/2001) is amended by this Regulation.

2  The following is added after section 5:

Calgary Real Estate Board Critical Illness Society exemption

5.1(1)  The Act does not apply to the benefits in respect of critical illness provided under the by-laws of the Calgary Real Estate Board Critical Illness Benefit Society if

(a) the members of the Society are notified within a reasonable time after the coming into force of this section or becoming a member, as the case may be, that the benefits are exempt from the Insurance Act and that the members are not entitled to the same protections they would be entitled to if the plan were subject to the Act;

(b) the constitution and by-laws of the Society provide that

(i) the annual financial statements of the Society must be audited by a chartered accountant, a certified management accountant or a certified general accountant who is registered under the Regulated Accounting Profession Act, and

(ii) the by-laws of the Society may not be changed without the prior approval of the Minister,

(c) the Society submits to the Minister a copy of its audited financial statements within 30 days after the end of the fiscal period to which they relate;

(d) the Calgary Real Estate Board provides in favour of the Society an irrevocable, unconditional letter of credit in the amount of $100 000 and in a form and containing terms satisfactory to the Minister of Finance.

(2)  This section is repealed on January 3, 2006.