Interpretation

1   In this regulation "Act" means the Insurance Premium Tax Act.

Prescribed insurer

2   For the purposes of paragraph (b) of the definition of "taxable insurer" in the Act, the Insurance Corporation of British Columbia is a prescribed insurer.

Prescribed class of insurers

3   (1) For the purposes of paragraph (c) of the definition of "taxable insurer" in the Act, each of the following groups of persons constitutes a prescribed class of insurers:

(a) persons who are members of a reciprocal exchange, as defined in section 186 of the Financial Institutions Act, for which a permit under section 187 of that Act has been issued and is in effect;

(b) companies that are registered under the Insurance (Captive Company) Act.

(c) insurers that meet the requirements of subsection (2).

(2) For the purpose of subsection (1) (c), an insurer must be a purely mutual corporation

(a) that is exempt from the application of Parts 1 to 10 of the Financial Institutions Act, and

(b) whose insurance business in British Columbia is restricted solely to the insurance of churches, schools or other religious or charitable institutions.

[am. B.C. Reg. 173/2009.]