CA-2.1.6
For purposes of Paragraph CA-2.1.5, the following definitions apply:
(a) Category 1 insurer : an insurance firm whose license is limited to any of the following types of insurance: fire; damage to property; and miscellaneous financial loss;
(b) Category 2 insurer : an insurance firm whose license includes any of the following types of insurance: marine cargo and marine hull; aviation; motor; engineering; liability; and any other general insurance class not specifically mentioned. These may only be in addition to any Category 1 activities;
(c) Category 3 insurer : an insurance firm whose license includes any of the following types of insurance: life insurance of all types; personal accident whose term is over 1 year; and savings fund accumulation insurance;
(d) Category 4 insurer : an insurance firm , licensed prior to 1 April 2005 and whose license includes any of the types of insurance specified in Category 3 and in Category 1 or 2, or both;
(e) Category C1 insurer: an insurance firm whose business is restricted to insuring only the insurance risks (other than liability risk ) of its shareholder(s) or those of subsidiary or associated companies of its shareholder(s) ; and
(f) Category C2 insurer: an insurance firm whose business is restricted to insuring only the risks of its shareholder(s) or of subsidiary or associated companies of its shareholder(s) and whose business may include liability risks , subject to the CBB being satisfied that the activity, capital structure and management provide sufficient protection to potential third party claimants.
Amended: January 2007