CBB Volume 3: Contents
Carrying on of Insurance Business (Insurance Firms)
The carrying on of insurance business includes the carrying out and effecting of insurance contracts as principal, including with limitation contracts of long-term insuranceG or contracts of general insuranceG . Effecting contracts of insurance means assuming (as principal) insurance risk, by entering into a contract of insurance or contract of reinsurance. Carrying out contracts of insurance means performing (as principal) obligations under a contract of insurance or reinsurance.
A contract of long-term insuranceG includes any insurance contract dealing with life insurance, personal accident with a term over 1 year and savings and fund accumulation insurance.
A contract of general insuranceG includes any insurance contract dealing within one or more of the following categories:(a) Fire and other property damage;(b) Marine, aviation and transport;(c) Accident and liability insurance;(d) Motor insurance; or(e) Such other activities as the CBB may specify from time to time.Amended: July 2007