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  5. Point in time
    2024-11-01

contract of insurance

  1. (1) (in relation to a specified investment) the investment, specified in article 75 of the Regulated Activities Order (Contracts of insurance), which is rights under a contract of insurance in (2).
  2. (2) (in relation to a contract) (in accordance with article 3(1) of the Regulated Activities Order (Interpretation)) any contract of insurance which is a long-term insurance contract or a general insurance contract, including:
    1. (a) fidelity bonds, performance bonds, administration bonds, bail bonds, customs bonds or similar contracts of guarantee, where these are:
      1. (i) effected or carried out by a person not carrying on a banking business;
      2. (ii) not effected merely incidentally to some other business carried on by the person effecting them; and
      3. (iii) effected in return for the payment of one or more premiums;
    2. (b) tontines;
    3. (c) capital redemption contracts or pension fund management contracts, where these are effected or carried out by a person who:
      1. (i) does not carry on a banking business; and
      2. (ii) otherwise carries on the regulated activity of effecting or carrying out contracts of insurance;
    4. (d) contracts to pay annuities on human life;
    5. (e) contracts of a kind referred to in the UK provisions which implemented230 article 171722(3)(b)(v) of the Solvency II Directive172 (Collective insurance etc); and
    6. (f) contracts relating to the length of human life that are regulated by or under any enactment relating to social security, in so far as they are effected or carried out at their own risk by undertakings with permission to effect or carry out contracts of long-term insurance as principals230;17217172172

but not including a funeral plan contract254; in this definition, "annuities on human life" does not include superannuation allowances and annuities payable out of any fund applicable solely to the relief and maintenance of persons engaged, or who have been engaged, in any particular profession, trade or employment, or of the dependants of such persons.32