48
CAP. 41]
Insurance Companies
Class
Description
16
Miscellaneous financial loss
17
Legal expenses
[1988 Ed.
Nature of Business
(b) contracts for fidelity bonds, performance bonds, administration bonds, bail bonds or customs bonds or similar contracts of guarantee.
Effecting and carrying out contracts of insurance against any of the following risks, namely—
(a) risks of loss to the persons insured attributable to interruptions of the carrying on of business carried on by them or to reduction of the scope of business so carried on;
(b) risks of loss to the persons insured attributable to their incurring unforeseen expense;
(c) risks neither falling within paragraph (a) or (b) above nor being of a kind such that the carrying on of the business of effecting and carrying out contracts of insurance against them constitutes the carrying on of insurance business of some other class.
Effecting and carrying out contracts of insurance against risks of loss to the persons insured attributable to their incurring legal expenses (including costs of litigation).
PART 4
GROUPS
Number
Designation
Composition
1
Accident and health
Classes 1 and 2.
2
Motor
Class 1 (to the extent that the relevant risks are risks of the person insured sustaining injury, or dying, as the result of travelling as a passenger) and classes 3, 7 and 10.
Class 1 (to the said extent) and classes 4, 6, 7 and 12.
Class 1 (to the said extent) and classes 5, 7 and 11. Classes 8 and 9.
3
Marine and transport
4
Aviation
5
Fire and other damage to property
6
Liability
Classes 10, 11, 12 and 13.
7
Credit and suretyship
Classes 14 and 15.
8
General
Classes 1 to 17 inclusive.
9
Long term
Classes A to F inclusive.
PART 5
TRANSITIONAL PROVISIONS
Where immediately before the commencement of this Ordinance an insurer was authorized under an Ordinance repealed or amended by this Ordinance to carry on any of the former classes shown in column 1 of the table below, the appropriate corresponding business as respects that insurer shall, for the purposes of this Ordinance, be the corresponding business shown in column 2 of the table.
TABLE
Former Classes
Corresponding Business
Fire insurance business
Life insurance business
Marine insurance business
Motor vehicle insurance business
Group 5
Group 9
Group 3
Group 2
48
CAP. 41]
Insurance Companies
Class
Description
16
Miscellaneous financial loss
17
Legal expenses
[1988 Ed.
Nature of Business
(b) contracts for fidelity bonds, performance bonds, adminis- tration bonds, bail bonds or customs bonds or similar contracts of guarantee.
Effecting and carrying out contracts of insurance against any of the following risks, namely—
(a) risks of loss to the persons insured attributable to interrup- tions of the carrying on of business carried on by them or to reduction of the scope of business so carried on;
(b) risks of loss to the persons insured attributable to their
incurring unforeseen expense;
(c) risks neither falling within paragraph (a) or (b) above nor being of a kind such that the carrying on of the business of effecting and carrying out contracts of insurance against them constitutes the carrying on of insurance business of some other class.
Effecting and carrying out contracts of insurance against risks of loss to the persons insured attributable to their incurring legal expenses (including costs of litigation).
PART 4
GROUPS
Number
Designation
Composition
1
Accident and
Classes 1 and 2.
health
2
Motor
Class 1 (to the extent that the relevant risks are risks of the person insured sustaining injury, or dying, as the result of travelling as a passenger) and classes 3, 7 and 10.
Class 1 (to the said extent) and classes 4, 6, 7 and 12.
Class 1 (to the said extent) and classes 5, 7 and 11. Classes 8 and 9.
3
Marine and
transport
4
Aviation
5
Fire and other
damage to
property
6
Liability
Classes 10, 11, 12 and 13.
7
Credit and
Classes 14 and 15.
suretyship
8
General
Classes I to 17 inclusive.
9
Long term
Classes A to F inclusive.
PART 5
TRANSITIONAL PROVISIONS
Where immediately before the commencement of this Ordinance an insurer was authorized under an Ordinance repealed or amended by this Ordinance to carry on any of the former classes shown in column 1 of the table below, the appropriate corresponding business as respects that insurer shall, for the purposes of this Ordinance, be the corresponding business shown in column 2 of the table.
TABLE
Former Classes
Fire insurance business
Life insurance business
Marine insurance business
Motor vehicle insurance business
Corresponding Business
Group 5 Group 9
Group 3
Group 2
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