Regulation 53 Interpretation: Part VII

In this Part of these Regulations—

(a)

references to insurance business, general business and long term business do not include reinsurance business;

(b)

“gross premiums” means premiums after deduction of discounts, refunds, rebates of premium and any taxes or levies that are related to those premiums but before deduction of premiums for reinsurance ceded and before deduction of commission payable by the society;

(c)

“the commencement date” means the day on which these Regulations come into force; and

(d)

references, in relation to the provision of general insurance or the carrying on of general business, to the groups of classes are to the following two groups—

(i)

accident and sickness, that is to say, general business of classes 1 and 2 specified in Head B of Schedule 2 to the 1992 Act: and

(ii)

miscellaneous financial loss, that is to say, general business of class 3 so specified.