Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act

Marginal note:Insurance premiums tax in offshore area

• 213 (1) There shall be imposed, levied and collected under this Part in respect of the insurance premiums received by any company with respect to property that is situated in the offshore area at the time the insurance premiums become payable, in accordance with subsection (3), the taxes, interest, penalties and other sums that would be imposed, levied and collected under the Insurance Premiums Tax Act if the property were situated in the Province.

• Marginal note:Exception

  (2) Despite subsection (1), if taxes are imposed in respect of any matter under the Insurance Premiums Tax Act and taxes would, but for this subsection, be imposed under subsection (1) in respect of that matter, no taxes shall be imposed under subsection (1) in respect of that matter.

• Marginal note:Application of Nova Scotia legislation

  (3) Subject to this Act and the regulations made under it, the Insurance Premiums Tax Act and the regulations referred to in subsection (3.1) apply, with any modifications that the circumstances require, for the purposes of this Part and, without limiting the generality of the foregoing,

  • (a) a reference in that Act to the Province is to be read as a reference to the offshore area; and

  • (b) a reference in that Act to the Minister of Consumer Affairs is to be read as a reference to the Minister of Finance.

• Marginal note:Nova Scotia regulations

  (3.1) The following regulations apply for the purposes of subsection (3):

  • (a) any regulations made under the Insurance Premiums Tax Act; and

  • (b) any regulations made under an Act that was replaced by the Insurance Premiums Tax Act, to the extent that those regulations remain in force in accordance with the laws of the Province and are not inconsistent with the Insurance Premiums Tax Act.

• Definition of company

  (4) In this section, company has the meaning assigned by the definition insurance company in section 2 of the Insurance Premiums Tax Act.