British Columbia Order in Council — Order under Insurance Captive Company Insurance (Captive Company) Regulation, BC Reg (O.C. 188/2000)

O.C. 188/2000

British Columbia — Orders in Council

PROVINCE OF BRITISH COLUMBIA ORDER OF THE LIEUTENANT GOVERNOR IN COUNCIL 188 , Approved and Ordered FEB 17 2000. Lieutenant Governor Executive Council Chambers, Victoria 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) Regulation, B.C. Reg. 157/87, is amended by add- ing the following section: West Fraser Captive Inc. exemption 6.21

(1) The requirement under paragraphs (

a) and (

b) of section 5 (2) of the Act, that a pure captive company that undertakes prescribed classes of insurance do so only for the purpose of insuring the persons described in those paragraphs, does not apply to West Fraser Captive Inc. in respect of its insuring (

a) a corporation in which the parent of West Fraser Captive Inc. owns at least 50% of the voting shares, (

b) a joint venture in which the superintendent determines, on evidence satisfactory to him or her, that West Fraser Captive Inc.'s parent corporation holds an interest, as a participant in the joint venture, of at least 50%, subject to an auditor's report, submitted annually to the superintendent, confirming that fact for each year of the joint venture, or (

c) a person who is an officer, director, employee, agent or independent contractor (

i) of a corporation described in paragraph (a), against losses incurred by that person while acting on behalf of the corporation, or (ii) of a joint venture described in paragraph (

b) or of a participant in the joint venture, against losses incurred by that person while acting on behalf of the joint venture.

(2) This

section does not affect the application to West Fraser Captive Inc. of the requirement in section 5 (2) that a pure captive insurance company may undertake only prescribed classes of insurance. Minister of F nance and Corporat Relations I Presiding Member of the Executive Couhcil (This

part is for administrative purposes only and is not part of the Order.) Authority under which Order is made: Act and section:- Insurance Captive Company Act, s.13 Other (specify):- o.i.c 1080/87 December 20, 1999 /lb 7/99/11/ah /( Order in Council No.

Document details

Collection	British Columbia — Orders in Council
Citation	O.C. 188/2000
Type	order_in_council
Volume / chapter	arc oic 0188 2000
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	84ea889dc80e3cbab79796d560a196c2fcb265d6

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