CIPR 6.1.2 Definitions

In these rules:

carrying out contracts of insurance means the regulated activity described in FSR, Schedule 3, Part 2, paragraph 3 as Carrying out a Contract of Insurance.
contract of insurance means the specified product described in FSR, Schedule 3, Part 3, paragraph 10.
effecting contracts of insurance means the regulated activity described in FSR, Schedule 3, Part 2, paragraph 2 as Effecting a Contract of Insurance.
general insurance contract means a contract of insurance that is a general insurance contract under FSR, Schedule 3, Part 3, paragraph 10.3.
insurance business means the business of conducting either or both of the following regulated activities:
(a) effecting contracts of insurance;
(b) carrying out contracts of insurance.
insurance mediation business means the business of conducting insurance mediation (within the meaning given by the Insurance Mediation Business Rules 2011, rule 1.2.2).
life insurance contract means a long term insurance contract (other than a reinsurance contract or a pure protection contract) and includes a long term care insurance contract.
long term care insurance contract means a long term insurance contract:
(a) that satisfies all of the following conditions:
(i) it provides (or would at the policyholder's option provide) benefits for the policyholder in the event that the policyholder's mental or physical health deteriorates to the extent that he or she becomes incapacitated, becomes unable to live independently without assistance, and is not expected to recover sufficiently to be able to live independently without assistance;
(ii) those benefits are payable or provided for services, accommodation or goods that are necessary or desirable for the continuing care of the policyholder because of that incapacity;
(iii) those benefits can be paid periodically for all or part of the period during which the policyholder is unable to live independently without assistance; or
(b) that is sold or held out as providing benefits for the policyholder as set out in paragraph (a).
long term insurance contract means a contract of insurance that is a long term insurance contract under FSR, Schedule 3, Part 3, paragraph 10.4.
non-investment insurance contract means a contract of insurance that is a general insurance contract or a pure protection contract but is not a long term care insurance contract.
pure protection contract means a long term insurance contract that satisfies all of the following conditions:
(a) the benefits under it are payable only on death or for incapacity due to injury, sickness or infirmity;
(b) it has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium;
(c) it does not provide for its conversion or extension in a way that would result in it ceasing to comply with paragraph (a) or (b);
(d) it is not a reinsurance contract.
Derived from QFCRA RM/2019-2 (as from 1st January 2020).