Financial Institutions Act and Credit Union Incorporation Act Consultation

UPDATE June 30, 2022: The Ministry of Finance is seeking feedback from the insurance industry and other interested parties regarding the proposed introduction of a restricted insurance agent licence in B.C. Members of the public are invited to provide comments to the Ministry until October 3, 2022. For more information, please see the public consultation page.

The Ministry of Finance is undertaking a broad review of the Financial Institutions Act (FIA) and the related Credit Union Incorporation Act (CUIA).

The FIA provides the regulatory framework for credit unions, insurance companies and intermediaries, and trust companies. The CUIA provides the framework for incorporation and corporate governance of credit unions. The goal of this regulatory framework is to maintain stability and confidence in the financial services sector by reducing the risk of failures and providing consumer protection. To ensure that the regulatory framework continues to be effective, efficient and modern, both the FIA and CUIA contain a requirement that a review of the legislation be initiated every 10 years.

The Initial Public Consultation Paper (PDF) set out a number of key issues and specific areas about which the Province was seeking input and comments. Stakeholders were also invited to provide comments on other issues with the regulatory framework they would like considered as part of the review. Read the high-level stakeholder consultation summary (PDF) in response to the consultation paper. Copies of stakeholder submissions, can be found below.

The Second Public Consultation Paper (PDF) identifies the proposed policy and legislative changes to the FIA and CUIA. Stakeholders are again invited to provide comments on the proposed changes to the regulatory framework. Read the Deputy Minister’s Letter to Stakeholders (PDF). Please note that the proposed changes do not represent government policy and are intended to elicit discussion.

Feedback from stakeholders on the second consultation paper’s proposed changes will help guide government as it considers legislative changes to the FIA and CUIA. After consultation and analysis, Ministry staff will prepare specific policy proposals for the consideration of government. Ultimately, any proposed changes to the FIA and CUIA would be subject to consideration and approval by the Minister of Finance and Cabinet, and approval of the Legislature of British Columbia.

Initial Consultation Submissions:

• Actra Fraternal Benefit Society (PDF)
• Advocis (PDF)
• Association of Canadian Travel Agencies (PDF)
• Assuris (PDF)
• BC Credit Union System Response (PDF)
• BC Trust Companies Working Group (PDF)
• BlueShore Financial Credit Union (PDF)
• Bruce Batchelor (PDF)
• Canadian Association of Direct Relationship Insurers (PDF)
• Canadian Association of Financial Institutions in Insurance (PDF)
• Canadian Association of Independent Life Brokerage Agencies (PDF)
• Canadian Association of Insurance Reciprocals (PDF)
• Canadian Bankers Association (PDF)
• Canadian Life and Health Insurance Association (PDF)
• CCEC Credit Union (PDF)
• Central 1 Credit Union (PDF)
• Coast Capital Savings Credit Union (PDF)
• Community Savings Credit Union (PDF)
• Council to Reduce Elder Abuse (PDF)
• Financial Institutions Commission (PDF)
• First West Credit Union (PDF)
• General Insurance Ombudsman Service (PDF)
• General insurance Ombudsman Service 2 (PDF)
• Genworth Financial Mortgage Insurance Company Canada (PDF)
• Genworth Financial Mortgage Insurance Company Canada 2 (PDF)
• Grand Forks District Savings Credit Union (PDF)
• Greater Vancouver Community Credit Union (PDF)
• Independent Financial Brokers of Canada (PDF)
• Insurance Brokers Association of British Columbia (PDF)
• Insurance Bureau of Canada (PDF)
• Insurance Bureau of Canada 2 (PDF)
• Insurance Bureau of Canada 3 (PDF)
• Insurance Council of British Columbia (PDF)
• Interior Savings Credit Union (PDF)
• Investment Industry Association of Canada (PDF)
• Kootenay Savings Credit Union (PDF)
• Lawyers' Professional Indemnity Company (PDF)
• Mark Latham Votermedia.org (PDF)
• Mark Latham Votermedia.org 2 (PDF)
• Pacific Coast Fisherman's Mutual Marine Insurance Company (PDF)
• Property and Casualty Insurance Compensation Corporation (PDF)
• Public Guardian and Trustee of British Columbia (PDF)
• Ross Gentleman (PDF)
• Stabilization Central Credit Union (PDF)
• Stabilization Central Credit Union 2 (PDF)
• The Co-operators Group Limited (PDF)
• Vancouver City Savings Credit Union (PDF)
• William Kritsch (PDF)