On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 09/12/2003.
55. The Schedule to the Insurance Act is amended —
(a)
by deleting the words “THE SCHEDULE” in the 1st line and substituting the words “FIRST SCHEDULE”;
(b)
by deleting the words “personal accident” in paragraph 2(1) and substituting the words “accident and health”;
(c)
by deleting the words “personal accident” in paragraph 2(1) and substituting the words “short-term accident and health”;
(d)
by deleting paragraph 2(3);
(e)
by inserting, immediately after paragraph 4, the following paragraphs:
“4A. “Accident and health benefits” means policy moneys which are paid out —
(a)
in the event of an injury to, or a disability of, the insured as a result of accident or sickness;
(b)
in the event of the insured being found to have a condition or disease stated in the policy of the insured;
(c)
with respect to health services;
(d)
on the death, by accident or some other cause stated in the policy, of the insured; or
(e)
on the happening of a combination of any of the above,
but does not include policy moneys that are payable with respect to any loss arising out of a liability to pay compensation or damages.
4B. “Health services” means —
(a)
medical, surgical, diagnostic, nursing, dental, chiropody or chiropractic services, or eye therapy, occupational therapy, physiotherapy, speech therapy, or other similar services or treatment;
(b)
services involving the supply, alteration, maintenance or repair of hearing aids, spectacles, contact lenses, artificial teeth, eyes or limbs (including parts of teeth or limbs) or other medical, surgical, prosthetic or dental aids, equipment or appliances;
(c)
the provision of drugs or medicinal preparations;
(d)
ambulance or paramedic services; or
(e)
professional services provided for the treatment or management of a person who is sick or disabled.
4C. “Accident and health policy” means any policy which provides accident and health benefits only.
4D.—(1) “Long-term accident and health policy” means any accident and health policy that —
(a)
may, in accordance with the terms and conditions of the policy, be in force for more than 5 years if it is not terminated earlier by the policy owner; and
(b)
does not contain any term or condition which permits the insurer to terminate the policy unilaterally, other than termination on the ground of fraud or material non-disclosure.
(2) An accident and health policy that is of a duration of 5 years or less but satisfies sub-paragraph (1) (b) shall be considered a long-term accident and health policy if the policy is of a duration of 5 years or less only because of the age of the insured at the time when it was entered into.
(3) Where the terms and conditions of an accident and health policy provide the insured an option of extending the duration of the policy, whether on the same terms and conditions or otherwise, the duration of the policy shall be determined on the assumption that the insured will exercise the option.
4E. “Short-term accident and health policy” means any accident and health policy that is not a long-term accident and health policy.”;
(f)
by deleting paragraphs 5 and 6 and substituting the following paragraphs:
5.—(1) Subject to sub-paragraph (2), “life policy” means any policy which —
(a)
provides for the payment of policy moneys on the death of a person or on the happening of any contingency dependent on the termination or continuance of human life;
(b)
is subject to payment of premiums for a term dependent on the termination or continuance of human life;
(c)
provides for the payment of an annuity for a term dependent on the termination or continuance of human life; or
(d)
is a combination of any of the above.
(2) A policy that provides for the payment of policy moneys on the death of a person is not a life policy if payment is only to be made in the event of —
(a)
death by accident; or
(b)
death resulting from specified sickness.
6. “Investment-linked policy” means any policy which provides benefits calculated by reference to units, the value of which is related to the market value of the underlying assets, and “non-investment-linked policy” means a policy that is not an investment-linked policy.
6A. “Participating policy” means any non-investment-linked policy conferring any right to share in the profits or surpluses, or any part thereof, arising from the business of the insurer, and “non-participating policy” means a non-investment-linked policy not conferring any such right.”;
(g)
by deleting sub-paragraphs (a) to (d) of paragraph 7 and substituting the following sub-paragraphs:
“(a)
upon vessels or aircraft or space launching (including satellites), or upon the machinery, tackle, furniture or equipment of vessels or aircraft or space launching (including satellites);
(b)
upon goods, merchandise or property of any description whatever on board vessels or aircraft or space launching (including satellites);
(c)
upon the freight of, or any other interest in or relating to, vessels or aircraft or space launching (including satellites);
(d)
against damage arising out of or in connection with the use of vessels or aircraft or space launching (including satellites), including third-party risks;”; and
(h)
by deleting paragraph 8.