General81

• Definition rep. by SI 2001/3649

• “fungible assets” means assets of any description which are substantially indistinguishable one from another;

• F3“general business” means business which consists of effecting or carrying out contracts of general insurance;

• F4“investment property” means land held to earn rent or for capital appreciation;

• “lease” includes an agreement for a lease;

• “listed investment” means an investment listed on a recognised stock exchange, or on any stock exchange of repute outside Northern Ireland and the expression “unlisted investment” shall be construed accordingly;

• “long lease” means a lease in the case of which the portion of the term for which it was granted remaining unexpired at the end of the financial year is not less than 50 years;

• F3“long term business” means business which consists of effecting or carrying out contracts of long term insurance;

• “long term fund” means the fund or funds maintained by a company in respect of its long-term businessF3 in accordance with rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000;

• F3“policy holder” has the meaning given in any relevant order under section 424(2) of the Financial Services and Markets Act 2000;

• “provision for unexpired risks” means the amount set aside in addition to unearned premiums in respect of risks to be borne by the company after the end of the financial year, in order to provide for all claims and expenses in connection with insurance contracts in force in excess of the related unearned premiums and any premiums receivable on those contracts;

• “short lease” means a lease which is not a long lease.