Part 1 — Licensing of Insurers and Reciprocal Insurance Exchanges Subpart 1 Licensing of Insurers Insurer's Duty to be Licensed
78 Subpart 3 Licensing of Reciprocal Insurance Exchanges Definitions
(a) "approved securities" means
(i) in respect of a reciprocal insurance exchange that has its
principal office in Alberta, investments that the
exchange would be authorized to make if the exchange
were a provincial company,
(ii) in respect of a reciprocal insurance exchange that has its
principal office in a province other than Alberta,
investments that the exchange is authorized to make
under the laws of that province, and
(iii) in respect of a reciprocal insurance exchange that has its
principal office outside Canada, investments that the
exchange is authorized to make under Part XIII of the
Insurance Companies Act (Canada);
(b) "principal attorney" me ans a person authorized by
subscribers under a power of attorney to sign reciprocal
contracts on their behalf and to act on the subscribers'
behalf in respect of any matter specified in the power of
attorney relating to those contracts;
(c) "principal office" means th e main office of the principal
attorney;
(d) "reciprocal contract" mean s a reciprocal contract of
indemnity or inter-insurance;
(e) "subscribers" means persons exchanging reciprocal
contracts with each other.
1999 cI-5.1 s78