Section 2: Interpretation

2. Interpretation In this Act— “actuary” has the same meaning as in the Insurance Act; “affiliated corporation” means a corporation which— (a) in relation to another body corporate, stands as a parent or subsidiary corporation of that body corporate; (b) is a parent or subsidiary of a corporation referred to in paragraph (a); or (c) in relation to another body corporate, is a member of the same group of corporations by virtue of common ownership or control; C2 – 1 [Issue 10] Captive Insurance Act 2015 “Alternative Risk Transfer policy contract” or “ART policy contract”— (a) means an insurance or reinsurance contract under the terms of which a person, in consideration for the payment of a premium, contracts to provide policy benefits where an event defined in the contract as a risk event, occurs; and (b) includes a contract having one or more of the following features— (i) a stated limit of exposure; (ii) a lifetime of one year or more; (iii) consideration of the time value of money; (iv) loss containment provisions; (v) coverage of risks relating to various classes of insurance business as defined in Part II of the First Schedule to the Insurance Act; (vi) potential profit sharing between parties; “captive insurance agent” means any person approved as such by the Commission under section 9; “captive insurance business” means the business of undertaking liability, by way of insurance or reinsurance, under a category specified in the Schedule; “captive insurer” means a person carrying on a category of captive insurance business specified in the Schedule; “Chief Executive” has the same meaning as in the Financial Services Act; “Commission” means the Financial Services Commission established under the Financial Services Act; “conservator” has the same meaning as in the Insurance Act; “corporation” has the same meaning as in the Companies Act; “Enforcement Committee” has the same meaning as in the Financial Services Act; “external insurer” has the same meaning as in the Insurance Act; “FSC Rules” has the same meaning as in the Financial Services Act; “general insurance business” means insurance business, other than long-term insurance business, consisting of the classes specified in Part II of the First Schedule to the Insurance Act; “Global Business Licence” has the same meaning as in the Financial Services Act; “guidelines” has the same meaning as in the Financial Services Act; “insurance manager” has the same meaning as in the Insurance Act; [Issue 10] C2 – 2 Revised Laws of Mauritius “law practitioner” has the same meaning as in the Law Practitioners Act; “licence” means a licence issued under section 7 (4); “long-term insurance business” means insurance business of any class specified in Part I of the First Schedule to the Insurance Act; “management company” has the same meaning as in the Financial Services Act; “Minister” means the Minister to whom responsibility for the subject of financial services is assigned; “officer” has the same meaning as in the Financial Services Act; “parent”, in relation to a captive insurer, means a corporation, limited liability company, partnership or any other entity or individual that directly or indirectly owns, controls or holds, with power to vote, more than 50 per cent of the outstanding voting securities of a captive insurance business; “policyholder”— (a) means a person who enters into a contract of insurance; and (b) includes a person entitled to be provided with or to enforce the policy benefits s in the Financial Services Act; “parent”, in relation to a captive insurer, means a corporation, limited liability company, partnership or any other entity or individual that directly or indirectly owns, controls or holds, with power to vote, more than 50 per cent of the outstanding voting securities of a captive insurance business; “policyholder”— (a) means a person who enters into a contract of insurance; and (b) includes a person entitled to be provided with or to enforce the policy benefits under an insurance policy; “relevant Acts” has the same meaning as in the Financial Services Act. [S. 2 amended by s. 9 (a) of Act 11 of 2018 w.e.f. 9 August 2018.]