Section 1 definitions of "affiliated corporation", "association captive insurance company", "pure captive insurance company" and "sophisticated insured captive insurance company" BEFORE amended by 2003-70-189, effective March 29, 2004 (BC Reg 64/2004).
"affiliated corporation" has the same meaning as "affiliate" in the Company Act except that
(a) section 1 (4) of the Company Act does not apply, and
(b) for the purposes of determining whether a corporation is an affiliate, a corporation is controlled by a person if the votes carried by shares held by or for the benefit of the person, other than by way of security only, are sufficient to elect a majority of the directors of the corporation;
"association captive insurance company" means a company incorporated under the Company Act to provide insurance for the purpose referred to in section 5 (3);
"pure captive insurance company" means a company incorporated under the Company Act to provide insurance for the purpose referred to in section 5 (2);
"sophisticated insured captive insurance company" means a company incorporated under the Company Act to provide insurance for the purpose referred to in section 5 (4);
Section 3 (5) BEFORE amended by 2003-70-190, effective March 29, 2004 (BC Reg 64/2004).
(5) Sections 36 to 38 of the Company Act do not apply to a captive insurance company.
Section 3 (1) BEFORE amended by 2004-48-133, effective December 31, 2004 (BC Reg 597/2004).
(1) Sections 1, 4 to 6, 7 (1), 8, 16, 19, 21, 24, 25, 27 and 28 of the Insurance Act and sections 34 to 37, 39 to 46, 63, 64 (2), 70, 75, 80, 81, 105, 133, 134, 211, 213, 215, 218, 243, 244, 246, 247 and 259 of the Financial Institutions Act apply to a captive insurance company.
Section 3 (1), (3) and (4) BEFORE amended by 2009-16-107, effective July 1, 2012 (BC Reg 213/2011).
(1) Sections 1, 4 to 6, 7 (1), 8, 16, 19, 21, 24, 25, 27 and 28 of the Insurance Act and sections 34 to 37, 39 to 46, 63, 64 (2), 70, 75, 80, 81, 105, 133, 211, 213, 215, 218, 243, 244, 246, 247 and 259 of the Financial Institutions Act apply to a captive insurance company.
(3) Sections 9 to 15, 17, 18, 20, 22 and 23 of the Insurance Act apply to an association captive insurance company and a sophisticated insured captive insurance company.
(4) Other than the sections of the Insurance Act and the Financial Institutions Act referred to in subsections (1) and (3), those Acts do not apply to a captive insurance company.
Section 7 (c) BEFORE amended by 2003-70-191, effective March 29, 2004 (BC Reg 64/2004).
(c) change its memorandum or articles.
Section 12 (1) (a) BEFORE amended by 2003-70-192, effective March 29, 2004 (BC Reg 64/2004).
(a) is required by this Act to comply with a provision of the Financial Institutions Act, the Insurance Act or the Company Act, a contravention of which constitutes an offence under that Act or under the Offence Act, and