On July 26, 2002, the Lieutenant Governor approved an Order in Council which:

Repealed section 8 of the Insurance Company Exemption Regulation—the section that grants the BCTF Salary Indemnity Plan exemption from various parts of the Financial Institutions Act; and,

Replaced it with a new exemption from section 75 of the same act.

To qualify for the new exemption, the BCTF must disclose in writing to all its members the following:

The Salary Indemnity Plan is not insured by an insurance company regulated under the Financial Institutions Act; and, the BCTF is exempt from the regulatory requirement of the FIA.