Captive Insurance Companies (Prescribed Enactments) Regulation
AI-assisted research summary: This Regulation excludes certain captive insurance company contracts from its application, and makes specified Insurance Act sections apply to those companies as if they were insurers, with some wording changes.
(no amdt) alberta regulation 103/2022 Captive Insurance Companies Act CAPTIVE INSURANCE COMPANIES (PRESCRIBED ENACTMENTS) REGULATION Application to captive insurance companies 1 (1) This Regulation does not apply to a captive insurance company in respect of contracts of life insurance, accident and sickness insurance, or reinsurance made in Alberta by the captive insurance company. (2) Sections 514, 520(b), 526 and 534 of the Insurance Act apply to a captive insurance company in respect of contracts of insurance made in Alberta by the captive insurance company as if the company were an insurer under that Act for the purposes of those sections. (3) Section 527 of the Insurance Act applies to a captive insurance company in respect of an action or proceeding on a contract of insurance made in Alberta by the captive insurance company as if (a) the company were an insurer under that Act for the purpose of that section, and (b) the reference in that section to “this Act” were a reference to the Captive Insurance Companies Act . (4) Section 547(2) to (4) of the Insurance Act apply to a captive insurance company in respect of contracts of insurance made in Alberta by the captive insurance company as if (a) the company were an insurer under that Act for the purpose of those subsections, (b) the reference in those subsections to “this Act” were a reference to the Captive Insurance Companies Act , and (c) “unless regulations referred to in subsection (4) or under section 511(1)(g.3) provide otherwise,” were struck out in subsection (2) of that Act. Repeal 2 This Regulation is made under section 83(1) of the Captive Insurance Companies Act and is subject to repeal under section 83(2) of the Act. Coming into force 3 This Regulation comes into force on the coming into force of section 83 of the Captive Insurance Companies Act .