2. Interpretation
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(1) In these Regulations—
“Act” means the Insurance Act;
“approved financial institution” means—
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(a) any institution in which a company is required to invest its funds for the purposes of sections 80(5) and 93(1) of the Act; or
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(b) any institution the Minister may, by Gazette Notification, approve;
“asset”, for the purpose of the business of general insurance companies, means admissible assets and includes part of an asset;
“computer equipment” means the electro-mechanical and electronic units which make up a computer configuration and includes a software package used under the business of a company;
“debenture” includes debenture stock and bonds, whether constituting a charge on assets or not, and loan stock or notes;
“debt” means an obligation to pay premiums or other monies outstanding to the account of an insurance company;
“insurance liabilities” means in relation to an insurance company, any debt due from or other liabilities of the company under any contract of insurance to which it is a party;
“intermediary” means a person who in the course of any business or profession invites other persons to make offers or proposals or to take other steps with a view to entering into contracts of insurance with an insurance company;
“liability” includes a contingent or prospective liability and a part of a liability, but does not include a liability in respect of share capital;
“middle market price” means—
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(a) in relation to an investment for which 2 prices are quoted in the official list published for the relevant market, the average of the 2 prices so quoted for the day on which the investment falls to be valued or, if no official list has been published for that day, for the most recent day prior to that day for which the official list has been published;
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(b) in relation to an investment for which one price is quoted in the official list for the relevant market, the price so quoted for the day on which the investment falls to be valued or, if no official list has been published for that day, for the most recent day prior to that day for which the official list has been published; and
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(c) in any other case, the nearest equivalent to the average referred to in paragraph (a) which is published or can be reasonably ascertained from information which is published;
“parent company” means a company incorporated in Saint Lucia or elsewhere which owns or controls directly or indirectly more than 50% of the voting shares of one or more companies whether incorporated in Saint Lucia or elsewhere;
“proper valuation” means in relation to land, a valuation made by a qualified valuer not more than 3 years before the relevant date which determined the amount which would be realised at the time of the valuation on an open market sale of the land free from any hypothec or charge;
“qualified valuer” means a person who is—
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(a) a fellow or associate of the Royal Institute of Chartered Surveyors or a fellow or associate of the Incorporated Society of Valuers and Auctioneers or the Rating and Valuation Association and has knowledge and experience in the valuation of land; or
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(b) approved by the Minister by instrument in writing as a qualified valuer for the purpose of these Regulations;
“quoted”, in relation to an investment, means the grant of a quotation or permission to deal in respect of that investment on any stock exchange which is a recognised stock exchange approved by the Minister for the purpose of these Regulations;
“relevant date” means in relation to the valuation of any asset for any purpose for which these Regulations apply, the date when the asset falls to be valued for that purpose;
“share” includes a stock;
“subsidiary company” means a company, whether incorporated in Saint Lucia or elsewhere, in which another company holds more than 50% of its shares.