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  • Carrying on of Insurance Business (Insurance Firms)

    • AU-1.4.7

      The carrying on of insurance business includes the carrying out and effecting of insurance contracts as principal, including with limitation contracts of long-term insurance or contracts of general insurance. 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.

    • AU-1.4.8

      A contract of long-term insurance includes any insurance contract dealing with life insurance, personal accident with a term over 1 year and savings and fund accumulation insurance.

    • AU-1.4.9

      A contract of general insurance 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