I think you are right. As long as your jackets are in good condition with no rips, tears, missing buckles etc. they are deemed legal. You also must make sure you have the proper size for everyone on board. I had a couple of 300lb plus fishing buddies that my life-jackets would not come close to fitting. I told them if they wanted to continue coming with me, they had to invest in a proper jacket. As you are probably aware, the newer style light inflatable jackets only count as jackets if they are being worn. There are some regulations that sneak up on you though. I noticed my boat registration paper (which you must have in the boat) for the boat I bought in 2014, expires soon. With all my previous boats they were lifetime. I have not yet looked at the procedure for renewing it but I would not be surprised if there is a cost attached. On a different note, I just received my new PAL, renewed for about the 5th time. This is the license that allows you to possess and carry a firearm and must be in your possession at all times when carrying, using, or transporting a firearm, regardless of the sport. Not too long ago I noticed that along with the license itself, you must also carry the paper it comes with that states the conditions, such as restricted, non-restricted etc. One is not legal without the other.