s. 1
— Interpretation
In this regulation Act means the Financial Institutions Act.
s. 2
— Exemption from section 196
Section 196 of the Act does not apply to a society, described in that section, in respect of a contract between it and a member of the society if each of the following conditions is fulfilled:
s. 2(a)
the society's assets exceed its liabilities by at least $3 million;
s. 2(b)
the contract with the member
s. 2(b)(i)
provides health care benefits or income replacement benefits covering a period of disability because of illness or injury, and
s. 2(b)(ii)
pays insurance money not exceeding $100 000 during a 24 month benefit period.