PART 2Insurance companies carrying on long-term business
CHAPTER 1Introductory
Meaning of “long-term business” and “PHI business”
63Meaning 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).