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Contract of insurance

Any contract of insurance which is a long-term insurance contract or a general insurance contract, including:

a) Fidelity bonds, performance bonds, administration bonds, customs bonds or similar contracts of guarantee, where these are:
i) Effected or carried out by a person not carrying on a banking business;
ii) Not effected merely incidentally to some other business carried on by the person effecting them; and
iii) Effected in return for the payment of one or more premiums;
b) Tontines;
c) Capital redemption contracts or pension fund management contracts, where these are effected or carried out by a person who:
i) Does not carry on a banking business; and
ii) Otherwise carries on the regulated activity of effecting or carrying out contracts of insurance;
d) Contracts to pay annuities on human life; but not including a funeral plan contract. In this definition, 'annuities on human life' does not include superannuation allowances and annuities payable out of any fund applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular trade or profession, or the dependants of such persons.
(2 Versions)
Up to Jun 30 2007Jul 1 2007 onwards
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