Section 133: Repeal and savings

133. Repeal and savings (1) Subject to subsection (2), the Insurance Act 1987 is repealed. (2) Anything done before the coming into operation of this Act pursuant to a provision of the repealed Act by or in relation to persons registered under that repealed enactment shall be deemed to have been done pursuant to this Act. (3) The following regulations shall be deemed to have been made under section 129 to the extent that they are not inconsistent with this Act and any provisions of the regulations which are inconsistent with this Act shall be void to the extent of the inconsistency— (a) the Insurance Regulations 1959; (b) the Insurance (Exemptions) Regulations 1975; (c) the Insurance Regulations 1988. 134. — I15 – 77 [Issue 7] Insurance Act FIRST SCHEDULE [Sections 2 and 4] CLASSES OF POLICIES PART I – LONG TERM INSURANCE BUSINESS LONG TERM INSURANCE BUSINESS Class of business Descriptions Life assurance business The business of undertaking liability under contracts upon human life or contracts to pay annuities on human life, but excludes permanent health insurance business and personal accident insurance business. Pension business The business of effecting and carrying out of— (a) contracts to manage individual pension schemes or plans which are offered to an individual; (b) contracts to manage the investment of private pension schemes; (c) contracts referred to in paragraphs (a) and (b) which are combined with contracts of insurance covering either conservation of capital or payment of a minimum interest. Permanent health insurance The business of undertaking liability under conbusiness tracts to provide specified benefits against risks of persons becoming incapacitated in consequence of sustaining injury as a result of an accident or of an accident of a specified class or of sickness or infirmity, being contracts that either are not expressed to be terminable by the insurer or are expressed to be so terminable only in special circumstances mentioned in the contract. Linked long term insurance The business of effecting and carrying out conbusiness tracts of insurance under which the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description, or by reference to fluctuations in, or in an index of, the value of property of any description. [Issue 7] I15 – 78 Revised Laws of Mauritius FIRST SCHEDULE—continued PART II – CLASSES OF GENERAL INSURANCE BUSINESS GENERAL INSURANCE BUSINESS Policy Descriptions Accident and health policy (a) means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits where— (i) an injury event; (ii) a health event; or (iii) a death event, contemplated in the contract as a risk, occurs; and (b) includes any contract under which the policy benefits are— (i) benefits other than a stated sum of money; (ii) to be provided upon a person having incurred, and having to defray, expenditure in respect of any health service obtained as a result of the health event concerned; and (iii) to be provided to any provider of a health service in return for the provision of such service. Engineering policy means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits where an event contemplated in the contract as a risk relating to— (i) the possession, use or ownership of machinery or equipment, other than a motor vehicle required to be registered under any other enactment, in e obtained as a result of the health event concerned; and (iii) to be provided to any provider of a health service in return for the provision of such service. Engineering policy means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits where an event contemplated in the contract as a risk relating to— (i) the possession, use or ownership of machinery or equipment, other than a motor vehicle required to be registered under any other enactment, in the carrying on of a business; (ii) the erection of buildings or other structures or the undertaking of other works; (iii) the installation of machinery or equipment; or (iv) machinery breakdown and boiler pressure plants, occurs. Guarantee policy means a contract in terms of which a person, other than a bank, in return for a premium, undertakes to provide policy benefits where an event, contemplated in the policy as a risk relating to the failure of a person to discharge an obligation, occurs. I15 – 79 [Issue 5] Insurance Act FIRST SCHEDULE—continued GENERAL INSURANCE BUSINESS Policy Descriptions Liability policy means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits where an event, contemplated in the contract as a risk relating to the incurring of a liability, otherwise than as part of a policy relating to a risk more specifically contemplated in another definition in this section, occurs. Miscellaneous policy means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits where an event, contemplated in the contract as a risk relating to any matter not otherwise defined in this section, occurs. Motor policy means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits where an event, contemplated in the contract as a risk relating to the possession, use or ownership of a motor vehicle required to be registered under any other enactment, occurs. Property policy means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits where an event, contemplated in the contract as a risk other than a risk more specifically contemplated in another definition in this section relating to the use, ownership, loss of or damage to movable or immovable property occurs. Transportation policy means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits where an event, contemplated in the contract as a risk relating to the possession, use or ownership of a vessel, aircraft or other craft or for the conveyance of persons or goods by air, space, land or water, or to the storage, treatment or handling of goods so conveyed or to be so conveyed, occurs. [First Sch. amended by s. 57 (3) (b) of Act 15 of 2012 w.e.f. 1 November 2012.] SECOND SCHEDULE [Sections 2 and 27] MEANING OF “SIGNIFICANT SHAREHOLDER” AND “ASSOCIATE”