PART II - LICENSING OF INSURER, INSURANCE BROKER AND ADJUSTER
Section 4. Classification of insurance business.
(1) For the purposes of this Act, insurance business shall be divided into two classes-
(a) life business, which in addition to all insurance business concerned with life policies shall include any type of insurance business carried on as incidental only to the life insurer's business; and
(b) general business, which means all insurance business which is not life business.
(2) For the purposes of this Act, reinsurance of liabilities under a policy is treated as insurance business of the class and description to which the policy would have belonged if it had been issued by the reinsurer.
(3) Notwithstanding subsections (1) and 39(2), if the Bank is satisfied that any part of a licensed insurer's business which belongs to a particular class or description of insurance business, in the licensed insurer's case ought to be treated as belonging to another class or description, the Bank may direct that it be so treated.