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Volume 53, No. 23

B.C. Reg. 326/2010

The British Columbia Gazette,

Part II

November 30, 2010

B.C. Reg. 326/2010 , deposited November 19, 2010, pursuant to the FINANCIAL INSTITUTIONS ACT [Section 289]. Order in Council 721/2010, approved and ordered November 18, 2010.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Insurer Exemption Regulation, B.C. Reg. 366/2007, is amended as set out in the attached Schedule.

— C. HANSEN, Minister of Finance ; M. POLAK, Presiding Member of the Executive Council .

Schedule

Section 10 of the Insurer Exemption Regulation, B.C. Reg. 366/2007, is repealed and the following substituted:

Extraprovincial insurance corporation — reinsurance

10 Parts 1 to 6 of the Act do not apply to the following:

(

a) an extraprovincial insurance corporation whose insurance business in British Columbia is confined to reinsurance of persons referred to in

section 75 (

a) to (

c) or (

e) to (

i) of the Act or in sections 1 to 6 of this regulation;

(

b) an extraprovincial insurance corporation that has a business authorization to carry on insurance business in British Columbia when

(

i) the extraprovincial insurance corporation is engaged in an activity referred to in paragraph (

a) of the definition of "insurance business" in

section 1 (1) of the Act and the activity is not conducted in British Columbia,

(ii) the insurance referred to in paragraph (

a) of the definition of "insurance business" in

section 1 (1) of the Act as it applies for the purposes of this

section is reinsurance of persons referred to in

section 75 (

a) to (

c) or (

e) to (

i) of the Act or in sections 1 to 6 of this regulation, and

(iii) the risk or peril to which the object of the reinsurance May be exposed is located in British Columbia.

2 The following

section is added:

Commercial marine insurance

(1) In this section, "marine insurance" means marine insurance as defined in

section 2 of the Insurance Classes Regulation, B.C. Reg. 337/90, but does not include "pleasure craft insurance" as defined in the Insurance Premium Tax Act .

(2) Parts 1 to 6 of the Act do not apply to an extraprovincial insurance corporation when

(

a) the extraprovincial insurance corporation is engaged in an activity referred to in paragraph (

a) of the definition of "insurance business" in

section 1 (1) of the Act and the activity is not conducted in British Columbia,

(

b) the insurance referred to in paragraph (

a) of the definition of "insurance business" in

section 1 (1) of the Act, as it applies for the purposes of this section, is marine insurance, and

(

c) the risk or peril to which the object of the marine insurance May be exposed is located in British Columbia.

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