Section 47. Miscellaneous definitions. (INSURANCE ACT, 1963

(P.M. ACT 1 OF 1963)
INSURANCE ACT, 1963

PART IV - MISCELLANEOUS AND GENERAL
Supplementary

Section 47. Miscellaneous definitions.

(1) In this Act-

(a)

"the Minister means the Minister for the time being charged with the responsibility for insurance;

(b)

"existing insurer" means, in relation to either class of insurance business an insurer which has been carrying on that class of business in the Federation since before the commencement of this Act;

(c)

"qualified actuary" means a Fellow of the Institute of Actuaries in England, or a Fellow of the Faculty of Actuaries in Scotland, or a Fellow of the Society of Actuaries in America;

(d)

"re-insurer's deposit" means an amount deposited with or retained by an insurer by way of security for the performance by the re-insurer of contracts re-insuring liabilities of the insurer, and includes any similar amount retained by a branch of the insurer's business in the Federation against a branch outside the Federation (the head office of a business being for this purpose treated as a branch).

(e)

"written premiums" means gross premiums during

the accounting period in respect of Federation policies issued, and reinsurances accepted, which are entered in the reinsurer's register of policies under this Act, reduced by return premiums and premiums in respect of reinsurances on Federation policies ceded during the accounting period to an insurer registered or authorised under this Act, and relates only to general business.

(2) In this Act-

(a)

"statutory balance sheet" and "statutory valuation" mean respectively a balance sheet lodged with the Commissioner in order to comply with sub-section (1) of section 22, and a valuation of which the results are shown in a valuation balance sheet lodged with him on an actuarial investigation made in order to comply with sub-section (1) of section 23; and

(b)

any reference to the last statutory balance sheet or to the last statutory valuation shall be construed as referring to that last prepared or made and not superseded by the arrival of the date as at which another is to be prepared or made; and

(c)

any reference to there being shown in a statutory balance sheet or on a statutory valuation a surplus of assets over liabilities of an insurance fund shall be construed accordingly by reference to the prescribed form of balance sheet or valuation balance sheet anti to the rules to be followed under this Act and the regulations in preparing it.