INSURANCE ACT — Continued
[RSBC 1996] CHAPTER 226

Part 1 — Definitions, Interpretation and Application of Act

Definitions and interpretation

1 (1) In this Act:

"automobile" means

(a) a motor vehicle as defined in the Insurance (Motor Vehicle) Act, and

(b) a trailer as defined in the Insurance (Motor Vehicle) Act,

and includes the machinery, equipment or apparatus mounted on or attached to it; but does not include a motor vehicle or trailer or class of them that is excluded or exempted from the operation of the Insurance (Motor Vehicle) Act or regulations made under it;

"business authorization" means a business authorization under the Financial Institutions Act;

"contract" means a contract of insurance and includes a policy, certificate, interim receipt, renewal receipt or writing evidencing the contract, whether sealed or not, and a binding oral agreement;

"corporation" includes any incorporated company, association or society, wherever incorporated;

"insurance" means the undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed, or to pay a sum of money or other thing of value on the happening of a certain event;

"insurance money" means the amount payable by an insurer under a contract, and includes all benefits, surplus, profits, dividends, bonuses and annuities payable under the contract;

"insurer" means the person who undertakes, agrees or offers to undertake, a contract;

"licence" means a licence under Division 2 of Part 6 of the Financial Institutions Act;

"motor vehicle liability policy" means a policy or part of a policy of automobile insurance evidencing a contract insuring

(a) the owner or driver of an automobile, or

(b) a person who is not the owner or driver if the automobile is being used or operated by the person's employee or agent or any other person on the person's behalf

against liability arising out of bodily injury to or the death of a person or loss or damage to property caused by an automobile or the use or operation of it;

"mutual company" means a corporation formed under the Mutual Fire Insurance Companies Act;

"non-owner's policy" means a motor vehicle liability policy insuring a person solely in respect of the use or operation by the person or on the person's behalf of an automobile that is not owned by the person;

"officer" includes any director, manager, treasurer or secretary of an insurer, and any other member of the managing body of an insurer by whatever name called;

"owner's policy" means a motor vehicle liability policy insuring a person in respect of the ownership, use or operation of an automobile owned by him or her and within the description or definition of it in the policy and, if the contract so provides, in respect of the use or operation of any other automobile;

"person" includes corporation, unincorporated society or association, partnership, any group of underwriters and a Lloyd's association;

"policy" means the instrument evidencing a contract;

"premium" means the single or periodical payment under a contract for the insurance, and includes dues, assessments and other consideration;

"prescribed" means prescribed by this Act or the regulations;

"property" includes profits, earnings and other pecuniary interests, and expenditure for rents, interest, taxes and other outgoings and charges, and in respect of inability to occupy the insured premises, but only to the extent of express provision in the contract;

"superintendent" means the Superintendent of Financial Institutions under the Financial Institutions Act.

(2) The Lieutenant Governor in Council may, on the recommendation of the minister, make regulations determining and defining, for the purpose of this Act, and the Financial Institutions Act, what is deemed to be a distinct class of insurance and the nature of each class of insurance.

Application to insurers and contracts

2 This Act, except as provided, applies to every insurer that carries on any business of insurance in British Columbia and to every contract of insurance made or deemed made in British Columbia.

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