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| This is part of an archived statute consolidation that is current to August 17, 2004 and includes changes enacted and in force by that date. |
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| SECTION | EFFECTIVE DATE | ||
| 1 | March 29, 2004 | ||
| 3 | March 29, 2004 | ||
| 7 | March 29, 2004 | ||
| 12 | March 29, 2004 | ||
| 13 | March 29, 2004 | ||
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 64/04).
"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 64/04).
(5) Sections 36 to 38 of the Company Act do not apply to a captive insurance company.
Section 7(c) BEFORE amended by 2003-70-191 effective March 29, 2004 (BC Reg 64/04).
(c) change its memorandum or articles.
Section 12(1)(a) before amended by 2003-70-192 effective March 29, 2004 (BC Reg 64/04).
(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
Section 13(2)(k)(iii.1) was added by 2003-70-193 effective March 29, 2004 (BC Reg 64/04).
Copyright (c) 2004: Queen’s Printer, Victoria, British Columbia, Canada