• Part 4 Part 4 Contracts of Insurance

    • 100. Definition of Contract of Insurance

      A Contract of Insurance means any contract of insurance or contract of reinsurance.

    • 101. Classes of Contracts of Insurance

      The classes of Contracts of Insurance are specified in the following paragraphs.

    • Chapter 1 Chapter 1 Classes of Life Insurance

      • 102. Class 1 — Life and annuity

        Contracts of Insurance on human life or contracts to pay Annuities on Human Life, but excluding, in each case, contracts within paragraph 104 of this Part.

      • 103. Class 2 — Marriage and birth

        Contracts of Insurance to provide a sum on marriage or on the birth of a child, being contracts expressed to be in effect for a period of more than one year.

      • 104. Class 3 — Linked long term

        Contracts of Insurance on human life or contracts to pay Annuities on Human Life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contracts) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).

      • 105. Class 4 — Permanent health

        Contracts of Insurance providing specified benefits against risks of individuals becoming incapacitated in consequence of sustaining injury as a result of an accident or of an accident of a specified class or of sickness or infirmity, being contracts that —

        (a) are expressed to be in effect for a period of not less than five years, or until the normal retirement age for the individuals concerned, or without limit of time; and
        (b) either are not expressed to be terminable by the insurer, or are expressed to be so terminable only in special circumstances mentioned in the contract.

      • 106. Class 5 — Tontines

        Tontines.

      • 107. Class 6 — Capital redemption

        Contracts, other than contracts in paragraph 100 of this Part to provide a capital sum at the end of a term.

      • 108. Class 7 — Pension fund management

        (a) Pension fund management contracts; or
        (b) Contracts of the kind mentioned in sub-paragraph (a) that are combined with Contracts of Insurance covering either conservation of capital or payment of a minimum interest.

    • Chapter 2 Chapter 2 Classes of Non-Life Insurance

      • 109. Class 1 — Accident

        (1) Contracts of Insurance providing fixed pecuniary benefits or benefits in the nature of the indemnity, or a combination of both, against risks of the person insured —
        (a) sustaining injury as the result of an accident or of an accident of a specified class;
        (b) dying as the result of an accident or of an accident of a specified class; or
        (c) becoming incapacitated in the consequence of disease or of disease of a specified class;
        inclusive of contracts relating to industrial injury and occupational disease.

      • 110. Class 2 — Sickness

        Contracts of Insurance providing fixed pecuniary benefits or benefits in the nature of indemnity, or a combination of the two, against risks of loss to the persons insured attributable to sickness or infirmity.

      • 111. Class 3 — Land Vehicles

        Contracts of Insurance against loss of or damage to vehicles used on land, including motor vehicles but excluding railway rolling stock.

      • 112. Class 4 — Marine, aviation and transport

        (1) Contracts of Insurance —
        (a) against loss of or damage to railway rolling stock;
        (b) upon aircraft or upon the machinery, tackle, furniture or equipment of aircraft;
        (c) upon vessels used on the sea or on inland water, or upon the machinery, tackle, furniture or equipment of such vessels; or
        (d) against loss of or damage to merchandise, baggage and all other goods in transit, irrespective of the form of transport.

      • 113. Class 5 — Fire and other property damage

        Contracts of Insurance against loss of or damage to property, other than property to which classes 3 and 4 relate, due to fire, explosion, storm, natural forces other than storm, nuclear energy, land subsidence, hail, frost or any event, such as theft.

      • 114. Class 6 — Liability

        Contracts of Insurance against risks of the persons insured incurring liabilities to third parties, including risks of damage arising out of or in connection with the use of motor vehicles on land, aircraft and vessels on the sea or on inland water, including third-party risks and carrier's liability.

      • 115. Class 7 — Credit

        Contracts of Insurance against risks of loss to the persons insured arising from the insolvency of debtors of theirs or from the failure, otherwise than through insolvency, of debtors of theirs to pay their debts when due.

      • 116. Class 8 — Suretyship

        (1) Contracts of Insurance against risks of loss to the persons insured arising from their having to perform contracts of guarantee entered into by them; or
        (2) Contracts for fidelity bonds, performance bonds, administration bonds, bail bonds or customs bonds or similar contracts of guarantee.

      • 117. Class 9 — Other

        (1) Contracts of Insurance —
        (a) against risks of loss to the persons insured attributable to interruptions of the carrying on of business carried on by them or to reduction of the scope of business so carried on;
        (b) against risks of loss to the persons insured attributable to their incurring unforeseen expense;
        (c) against risks of loss to the persons insured attributable to their incurring legal expenses, including costs of litigation; and
        (d) providing assistance, whether in cash or in kind, for persons who get into difficulties, whether while travelling, while away from home, while away from their permanent residence, or otherwise.