Section 3 — Excise Tax Act: Definitions

In this Part, exchange means a group of persons formed for the purpose of exchanging reciprocal contracts of indemnity or inter-insurance with each other through the same attorney; ( Bourse ) insurer means any corporation incorporated for the purpose of carrying on the business of insurance, any association of persons formed on the plan known as Lloyds whereby each associate underwriter becomes liable for a stated, limited or proportionate part of the whole amount insured under a contract of insurance, and any exchange; ( assureur ) net premiums means the gross premiums paid or payable under a contract of insurance, less dividends received or receivable in respect of the contract and less premiums returned on cancellation of the contract. ( primes nettes ) Superintendent [Repealed, 1999, c. 17, s. 146]