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IMPORTANT INFORMATION |
Part 1 — Definitions, Interpretation and Application of Act
1 (1) In this Act:
"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;
"mutual company" means a corporation formed under the Mutual Fire Insurance Companies Act;
"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;
"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
"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;
"vehicle" has the same meaning as in the Insurance (Vehicle) 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.
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.
Contents | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Schedule
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