2. In these Regulations, unless the context otherwise requires —
“electronic record” has the same meaning as in section 2 of the Electronic Transactions Act (Cap. 88);
“Protection and Indemnity Club” means an insurer registered under section 8 of the Act as a direct insurer to carry on general business and who is permitted to carry on protection and indemnity insurance business only;
“protection and indemnity insurance business” means the business of insuring against third party liabilities and expenses arising from owning, or operating, ships as principals;
“valuation date” means the date on which the assets and liabilities of a Protection and Indemnity Club are valued.