Interesting one. But then, each airline has their own style of running things. In my previous airline new captains were not allowed to do LVO until they had 50 hours PIC, which they had halfway through their linetraining. And yes, time in seat was considered PIC, even though there was a trainer on the jump seat. The more restricting one was the requirement to accumulate 2500 hours PIC in company on type before they were allowed to operate into class C airports. In my current airline it is simply six months, do a check flight and the second simulator and you are good to go.