5‑1 Definitions5‑1 Definitions

5‑1 Definitions

In this Part:

general insurance company includes Lloyd’s.

general insurance company in runoff means a general insurance company that did not issue or renew any insurance policies of any of the following kinds during the previous calendar year:

(a) public liability insurance;
(b) product liability insurance;
(c) professional indemnity insurance.

Lloyd’s has the meaning given by section 3 of the Insurance Act 1973.

product liability insurance includes insurance that provides cover for compensation for one or both of the following, caused by, or as a result of, the use of goods:

(a) loss;
(b) injury.

professional indemnity insurance includes:

(a) insurance that provides cover for a professional person for actions taken against that person in tort, contract or under statute law in respect of advice or services provided as part of his or her professional practice, including cover in respect of damages and legal expenses; and
(b) directors’ and officers’ liability insurance and legal expense insurance; and
(c) medical indemnity insurance.

public liability insurance includes:

(a) insurance covering legal liability to the public in respect of bodily injury or property damage arising out of the operation of the business of the insured person or body; and
(b) insurance in respect of environmental clean‑up costs resulting from pollution where not covered by Fire and Industrial Special Risk policies.

the Act means the General Insurance Supervisory Levy Imposition Act 1998.

Note: Terms used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument.

valuation day, in relation to a general insurance company, means:

(a) for a general insurance company that is a general insurance company at all times during the period from 17 March to 30 June in the previous financial year—31 March in the previous financial year; and
(b) for a general insurance company that was not a general insurance company at all times from and including 17 March of the previous financial year to and including the following 30 June—the day, after 17 March of the previous financial year, when the general insurance company became, or becomes, a general insurance company.