PART 2Insurance companies carrying on long-term business

CHAPTER 1Introductory

Meaning of “long-term business” and “PHI business”

C163Meaning of “long-term business” and “PHI business”

1

For the purposes of this Part “long-term business” means—

a

life assurance business, or

b

other business which consists of the effecting or carrying out of contracts of long-term insurance.

2

For the purposes of this Part “PHI business” means the other business mentioned in subsection (1)(b).