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→B. Application of the Current Legislation, and Transitional Provisions
Generally, it is safe to say that the IVA and the IVR, taken as a whole, apply to:
*'''Insurance policies ''' under the universal compulsory vehicle insurance plan set out by the Act (the “plan”) that take effect on or after June 1, 2007; *Optional '''insurance contracts ''' that take effect on or after June 1, 2007;*Any '''claims ''' that arise under these insurance plans or contracts; and*'''Insured persons''', and '''insurers''', and '''ICBC ''' in relation to these insurance plans or contracts.
:'''NOTE:''' TThe critical time to look at is the date on which the individual insurance policy or contract came into effect, or was renewed.