HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

1 Section 12 of the Strata Property Act, S.B.C. 1998, c. 43, is amended

(a) in subsections (2) and (3) (a) by striking out "5%" and substituting "the prescribed percentage", and

(b) in subsection (3) (b) by striking out "25%" and substituting "the prescribed percentage".

2 Section 13 (2) (b) is amended by striking out "5%" and substituting "the prescribed percentage".

3 Section 59 is amended

(a) in subsection (3) by adding the following paragraph:

(l.2) a summary of the strata corporation's insurance coverage; , and

(b) by adding the following subsection:

(5.1) Despite subsection (5), information in subsection (3) (l.2) disclosed in a certificate is not binding on the strata corporation if the disclosed information is obtained from the strata corporation's insurer, as defined in section 1 (1) of the Financial Institutions Act, or insurance agent, as defined in section 168 of that Act.

4 Section 94 (2) and (3) is repealed and the following substituted:

(2) Subject to the regulations, a strata corporation must obtain from a qualified person, on or before the dates determined in accordance with the regulations, a depreciation report estimating the repair and replacement cost for major items in the strata corporation and the expected life of those items.

5 Section 96 (b) (i) (A) (II) is repealed and the following substituted:

(II) related to the repair, maintenance or replacement recommended in the most current depreciation report obtained under section 94 of common property, common assets or the portions of a strata lot for which the strata corporation has taken responsibility under section 72 (3), or .

6 Section 98 is amended by adding the following subsection:

(3.1) For the purposes of subsection (3), the prevention of significant loss includes, without limitation, the obtaining and maintaining by the strata corporation of insurance that is required under section 149 or 150 or the strata corporation's bylaws.

7 Section 149 is amended

(a) by repealing subsection (1) (d) and substituting the following:

(d) fixtures, as defined in the regulations, built or installed on a strata lot. , and

(b) by repealing subsection (2).

8 Section 149 (4) (a) is repealed and the following substituted:

(a) be on the basis of full replacement value except in prescribed circumstances, if any, and .

9 Section 152 (b) is repealed and the following substituted:

(b) fixtures, as defined in the regulations but other than those defined for the purposes of section 149 (1) (d), built or installed on a strata lot.

10 Section 154 is amended by striking out "and" at the end of paragraph (a), by adding ", and" at the end of paragraph (b) and by adding the following paragraph:

(c) inform owners and tenants as soon as feasible of any material change in the strata corporation's insurance coverage, including any increase in an insurance deductible.

11 Section 158 is amended by adding the following subsection:

(2.1) Despite subsection (2), if the owner is responsible for the loss or damage that gave rise to the insurance claim but not as a result of any act or omission by the owner, the owner's liability for the loss or damage is limited to the amount, if any, prescribed in respect of the class of the strata corporation and the class of the insurance claim.

12 Section 292 (3) is amended

(a) by adding the following paragraph:

(a.11) respecting depreciation reports referred to in section 94 (2), including

(i) any circumstances in which a strata corporation need not obtain or may defer obtaining a depreciation report,

(ii) the determination of dates on or before which a strata corporation must obtain a depreciation report,

(iii) the form and content of depreciation reports and the standards and methodologies to be used in them, and

(iv) any requirements for an owner developer to obtain an initial depreciation report or pay into the contingency reserve fund an amount sufficient for the strata corporation to obtain such a report; ,

(b) in paragraph (a.2) by striking out "94 (2) (b) or (c) or (3) (a) or",

(c) in paragraph (a.3) by striking out "94 (3) (b) or",

(d) by repealing paragraph (c) and substituting the following:

(c) defining "fixtures" for the purposes of sections 149 (1) (d) and 152 (b); , and

(e) by adding the following paragraph:

(c.2) defining "major perils" for the purposes of section 149 (4) (b); .

13 Section 292 is amended

(a) in subsection (3) by adding the following paragraph:

(c.1) prescribing circumstances for the purposes of section 149 (4) (a); , and

(b) by adding the following subsection:

(3.01) A regulation made under subsection (3) (c.1) may be made retroactive to the date on which this subsection comes into force or a later date, and if made retroactive is deemed to have come into force on the specified date.

Related Amendments

Financial Institutions Act

14 Section 178 (1) of the Financial Institutions Act, R.S.B.C. 1996, c. 141, is repealed and the following substituted:

(1) An insurer, officer, agent or employee of an insurer, insurance agent or insurance salesperson must not pay or allow to be paid, or offer or promise, a commission or compensation to a person who is not an insurance agent licensee or insurance salesperson licensee

(a) for acting as an insurance agent or insurance salesperson in British Columbia,

(b) for referring business in relation to the insurance of a strata corporation within the meaning of the Strata Property Act, or

(c) for any other prescribed purposes.

15 Section 231 (1) (e) is amended by striking out "section 79, 94 or 177" and substituting "section 79, 94, 177 or 178 (1)".

16 Section 289 (3) is amended by adding the following paragraph:

(u.01) respecting disclosure by insurers and their agents to an insurance policy holder of the insurer's intention not to renew the policy, including the time at which the disclosure must be made, .

Commencement

17  The provisions of this Act referred to in column 1 of the following table come into force as set out in column 2 of the table: