Definition of Classes of Insurance Business
“Life Assurance Business” means the business of undertaking liability under contracts upon human life or contracts to pay annuities on human life, but excludes the permanent health insurance business and personal accident insurance business.
“Pension Business” means the business of effecting and carrying on of:
(a) contracts to manage pension funds or investment of pension funds;
(b) contracts of the kind mentioned in paragraph (a) that are combined with the contract of insurance covering either conservation of capital or payment of a minimum interest; or (c) contracts on a group basis to provide pensions during the lifetime of employees, from their retirement and to their dependents should they die in service or on pension.
“Permanent Health Insurance Business” means the business of undertaking liability under contracts to provide specified benefits against risks of persons becoming incapacitated as a consequence of sustaining injury as a result of accident or of an accident of a specified class or of sickness or infirmity, being contracts that either are not expressed to be terminable by the insurer, or are expressed to be terminable by the insurer, or are expressed to be terminable only in the special circumstances mentioned in the contract.
“Personal Accident Insurance Business” means the business of undertaking liability under contracts, otherwise than incidentally on a contract whose object is some other class of insurance business, to pay a certain sum or sums of money to, or provide any other benefit for a particular person in the event of an accident or sickness causing the death or injury or disability of a particular person.
