1. (1) The following definitions apply in these Regulations.

“Act”

« Loi »

“Act” means the Cooperative Credit Associations Act.

“association web page”

« page Web d’association »

“association web page” means a web page that an association uses in relation to its business in Canada, including any information provided by the association that is accessible on a telecommunications device. It does not include a web page that is only accessible by employees or agents of the association.

“authorized type of insurance”

« assurance autorisée »

“authorized type of insurance” means

• (a) credit or charge card-related insurance,

• (b) creditors’ disability insurance,

• (c) creditors’ life insurance,

• (d) creditors’ loss of employment insurance,

• (e) creditors’ vehicle inventory insurance,

• (f) export credit insurance,

• (g) mortgage insurance, or

• (h) travel insurance.

“credit or charge card-related insurance”

« assurance carte de crédit ou de paiement »

“credit or charge card-related insurance” means a policy of an insurance company that provides insurance to a holder of a credit or charge card issued by a body corporate that is part of the cooperative credit system as a feature of the card, without request and without an individual assessment of risk,

• (a) against loss of, or damage to, goods purchased with the card,

• (b) under which the insurance company undertakes to extend a warranty provided by the manufacturer of goods purchased with the card, or

• (c) against any loss arising from a contractual liability assumed by the card holder when renting a vehicle, where the rental is paid for with the card.

“creditors’ disability insurance”

« assurance-invalidité de crédit »

“creditors’ disability insurance” means a group insurance policy that will pay to a body corporate that is part of the cooperative credit system, all or part of the amount of a debt of a debtor to the body corporate in the event of bodily injury to, or an illness or disability of,

• (a) where the debtor is a natural person, the debtor or the spouse or common law partner of the debtor;

• (b) a natural person who is a guarantor of all or part of the debt;

• (c) where the debtor is a body corporate, a director or an officer of the body corporate; or

• (d) where the debtor is an entity, any natural person who is essential to the ability of the debtor to meet the debtor’s financial obligations to the body corporate that is part of the cooperative credit system.

“creditors’ life insurance”

« assurance-vie de crédit »

“creditors’ life insurance” means a group insurance policy that will pay to a body corporate that is part of the cooperative credit system, all or part of the amount of a debt of a debtor to the body corporate, or where the debt is in respect of a small business or a farm, fishery or ranch, all or part of the amount of the credit limit of a line of credit, in the event of the death of

• (a) where the debtor is a natural person, the debtor or the spouse or common-law partner of the debtor;

• (b) a natural person who is a guarantor of all or part of the debt;

• (c) where the debtor is a body corporate, a director or an officer of the body corporate; or

• (d) where the debtor is an entity, any natural person who is essential to the ability of the debtor to meet the debtor’s financial obligations to the body corporate that is part of the cooperative credit system.

“creditors’ loss of employment insurance”

« assurance crédit en cas de perte d’emploi »

“creditors’ loss of employment insurance” means a policy of an insurance company that will pay to a body corporate that is part of the cooperative credit system, without any individual assessment of risk, all or part of the amount of a debt of a debtor to the body corporate in the event that

• (a) where the debtor is a natural person, the debtor becomes involuntarily unemployed, or

• (b) a natural person who is a guarantor of all or part of the debt becomes involuntarily unemployed.

“creditors’ vehicle inventory insurance”

« assurance crédit pour stocks de véhicules »

“creditors’ vehicle inventory insurance” means a policy of an insurance company that provides insurance against direct and accidental loss of, or damage to, vehicles that are held in stock, for display and sale, by a debtor to a body corporate that is part of the cooperative credit system, some or all of which have been financed by the body corporate.

“export credit insurance”

« assurance crédit des exportateurs »

“export credit insurance” means a policy of an insurance company that provides insurance to an exporter of goods or services against loss incurred by the exporter as a result of nonpayment for exported goods or services.

“group insurance policy”

« police d’assurance collective »

“group insurance policy” means a contract of insurance between an insurance company and any body corporate that is part of the cooperative credit system that provides insurance severally in respect of a group of identifiable persons who individually hold certificates of insurance.

“insurance company”

« société d’assurances »

“insurance company” means an entity that is approved, registered or otherwise authorized to insure risks under an Act of Parliament or of the legislature of a province.

“line of credit”

« marge de crédit »

“line of credit” means a commitment on the part of a body corporate that is part of the cooperative credit system, to lend to a debtor of the body corporate, without a predetermined repayment schedule, one or more amounts, where the aggregate amount outstanding does not exceed a predetermined credit limit, which limit does not exceed the reasonable credit needs of the debtor.

“mortgage insurance”

« assurance hypothèque »

“mortgage insurance” means an insurance policy that provides insurance to a body corporate that is part of the cooperative credit system, against loss caused by a default on the part of a debtor who is a natural person under a loan from the body corporate that is secured by a mortgage on real property or on an interest in real property.

“personal accident insurance”

« assurance accidents corporels »

“personal accident insurance” means a group insurance policy that provides insurance to a natural person, whereby the insurance company undertakes to pay

• (a) one or more amounts in the event of bodily injury to, or the death of, the person that is caused by an accident, or

• (b) a certain amount for each day that the person is hospitalized, in the event of bodily injury to the person that is caused by an accident or in the event of an illness or disability of the person.

“small business”

« petite entreprise »

“small business” means a business that is or, if it were incorporated, would be a small business corporation within the meaning of subsection 248(1) of the Income Tax Act.

“travel insurance”

« assurance voyage »

“travel insurance” means

• (a) a policy of an insurance company that provides insurance to a natural person in respect of a trip by the person away from the place where the person ordinarily resides, without any individual assessment of risk, against

  • (i) loss that results from the cancellation or interruption of the trip,

  • (ii) loss of, or damage to, personal property that occurs during the trip, or

  • (iii) loss that is caused by the delayed arrival of personal baggage during the trip, or

• (b) a group insurance policy that provides insurance to a natural person in respect of a trip by the person away from the province in which the person ordinarily resides

  • (i) against expenses incurred during the trip that result from an illness or disability of the person that occurs during the trip,

  • (ii) against expenses incurred during the trip that result from bodily injury to, or the death of, the person that is caused by an accident during the trip,

  • (iii) whereby the insurance company undertakes to pay one or more sums of money in the event of an illness or disability of the person that occurs during the trip, or of bodily injury to, or the death of, the person that is caused by an accident during the trip,

  • (iv) against expenses incurred by the person for dental care necessitated by an accident that occurs during the trip, or

  • (v) in the event that the person dies during the trip, against expenses incurred for the return of the person’s remains to the place where the person was ordinarily resident before death, or against travel expenses incurred by a relative of that person who must travel to identify that person’s remains.

(2) For the purposes of these Regulations, the following bodies corporate are part of the cooperative credit system:

• (a) an association;

• (b) a local cooperative credit society;

• (c) a body corporate in which an association or a local cooperative credit society has a substantial investment and which is primarily engaged in the business of providing financial services;

• (d) a body corporate that is primarily engaged in providing financial services and in which two or more associations or local cooperative credit societies hold, in aggregate, sufficient voting rights which, if exercised, would constitute control of the body corporate within the meaning of paragraph 3(1)(a) of the Act; and

• (e) a cooperative corporation, the membership of which is primarily composed of associations, central cooperative credit societies or local cooperative credit societies, and which is primarily engaged in the business of providing financial services.

(3) For the purposes of these Regulations, a web page is not an association web page by reason only that the web page provides access to an association web page or promotes the business of an association in Canada.