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Volume 45, No. 14

B.C. Reg. 221/2002

The British Columbia Gazette,

Part II

July 30, 2002

B.C. Reg. 221/2002, deposited July 26, 2002, pursuant to the INSURANCE (CAPTIVE COMPANY) ACT

[section 13]. Order in Council 696/2002, approved and ordered July 26, 2002.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Insurance (Captive Company) Act Regulation, B.C. Reg. 157/87, is amended as set out in the attached Schedule. — G. M. COLLINS,

Minister of Finance ; M. R. COELL, Presiding Member of the Executive Council.

Schedule

section 3 (

b) of the Insurance (Captive Company) Act Regulation, B.C. Reg. 157/97, is repealed.

2 The following

section is added:

Exemption — employee benefits

6.4

(1) In this section:

"employee benefits" means one or more of the following that are provided to employees or their dependants:

(

a) accident and sickness insurance;

(

b) disability insurance;

(

c) life insurance;

"employees" includes former employees, directors, former directors, officers and former officers.

(2) section 5 (2) of the Act does not apply to a pure captive insurance company providing employee benefits only for the purpose of insuring all or any of the employees, or their dependents, of the pure captive insurance company, the parent of the pure captive insurance company or any affiliated corporation of that parent.

(3) section 5 (3) of the Act does not apply to an association captive insurance company providing employee benefits only for the purpose of insuring all or any of the employees, or their dependents, of the association captive insurance company, the member organizations of the association captive insurance company or any affiliated corporation of those member organizations.

(4) section 5 (4) of the Act does not apply to a sophisticated insured captive insurance company providing employee benefits only for the purpose of insuring all or any of the employees, or their dependents, of the sophisticated insured captive insurance company, the sophisticated insureds that comprise the sophisticated insured captive insurance company's sophisticated insured group or any affiliated corporation of those sophisticated insureds.

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