In this Act, unless the context otherwise requires "accounting records" includes books, vouchers, invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes and such working papers and other documents as are necessary to explain the methods and calculations by which accounts are made up and other documents as may be prescribed; "actuary" means a person qualified under this Act to act as an actuary; "associated person" means a person associated with a body corporate

such that the person:

(a) has a significant interest in the body corporate,

(b) is a subsidiary of the body corporate,

(d) is another body corporate having a person associated with it who is also associated with the first body corporate; "Board" means the Board of the Commission provided for under section 3;

"capital" means

(a) in the case of a body corporate with share capital, its fully paid-up share capital, and

(b) m the case of a mutual company, its uncommitted reserves; "Code of Practice" means the Code of Practice as issued by the Commission under section 196 of this Act; Commission" means the National Insurance Commission established under section 1 of this Act; "Commissioner" means the chief executive of the National Insurance Commission appointed under section 12(1); "Companies Code" means the Companies Code, 1963 (Act 179);

"Court" means a court of competent jurisdiction; "document" includes

(a) any writing or printing on any material,

(b) any record of information or data, however compiled, and whether stored in paper, electronic, magnetic or any non-paper based form and any storage medium, including discs and tapes,

(d) a photograph, film, tape, negative or other medium in which one or more visual images are embodied and are capable with or without the aid of equipment of being reproduced, any application to or order of a court or tribunal and other legal process and notice;

"electronic form" means a computer processable message format that is capable of being transmitted electronically; "fit and proper person" means a person with appropriate integrity, competency, experience and qualification determined by the Commission; "foreign regulatory body" means an authority in a jurisdiction outside the country which performs functions corresponding or similar to those performed by the Commission. "insurance agent" includes a person appointed and authorized by an insurer to solicit applications for insurance or negotiate for insurance business on behalf of the insurer and to perform the other functions that may be assigned to the agent by the insurer but does not include an individual who is a salaried employee of the insurer; "insurance broker" means a person who acts as an independent contractor or consultant who for commission or other compensation and, not being an agent of the insurer, carries out any of the following activities;

(a) the soliciting or negotiating of insurance business, including the renewal and continuance of such business, on behalf of an insurer or a prospective insured other than himself,

(b) the bringing together, either directly or through the agency of a third party, with a view to the insurance of risks, of persons seeking insurance and insurers, and carries outwork preparatory to the conclusion of contracts of insurance business" means the business of undertaking liability to Indemnify a person in respect of loss or damage, and the liability to pay damages or compensation contingent upon the happening of a specified event and any business incidental to insurance business and reinsurance business;

"insurance intermediary" means an insurance broker, an insurance agent an insurance sub-agent and an insurance loss adjuster insurance loss adjuster" includes a person who, for commission or other compensation including a salary, investigates and negotiates the settlement of claims under insurance contracts solely on behalf of either the insurer or the insured but does not include

(a) an individual who is an employee of an insurer or an insurance Agent while acting on behalf of the insurer or insurance agent, or

(b) an insurance agent who is authorized to settle claims on behalf of the insurer for whom the insurance agent acts as agent; "insurance sub-agent" includes a person appointed by an insurance agent or another insurance sub-agent to solicit applications for insurance or negotiate for insurance business through the insurance agent or sub-agent who appointed that person but does not include an individual who is a salaried employee of the insurance agent or sub-agent; "insurer" incites a person licenced under this Act to can on insurance business and an association of underwriters, but does not include an insurance intermediary;

"licensee" means a person issued a licence under this Act Long term business “means insurance business prescribed in Regulations as long term business; "long term insurer" means an insurer authorized by its licence to carry on class of long term business; "Market Conduct Rules" means the Market Conduct Rules, issued by the Commission under section 197 Minister" means the Minister responsible for Finance mutual

company-means a company whose capital' is owned by the policyholders of the company; "notice" means notice in writing; offshore insurer" means an insurer incorporated, constituted or formed or having its main place of business outside the country "public interest" includes a right or advantage which ensures or is intended to ensure to the general benefit of the people of this country and the interest of policy holders;

"recognized representative body" means an association or body recognized in the Regulations as representing insurers or insurance intermediaries, or a category of insurers or insurance intermediaries;

"register" means a register required to be maintained by the Commission under section 192; "Regulations" means Regulations made under this Act; "reinsurer" means a person whose licence is restricted to reinsurance business; "reinsurance business" means the business of insuring insurers; "short term insurance business" means insurance business prescribed in Regulations as short term business; "significant interest", in respect of a company, means a holding or interest in the company or in any holding company of the company held or owned by a person, either alone or with any other person and whether Legally or equitably, that entitles or enables the person, directly or indirectly

(a) to control ten per cent or more of the voting rights of that company at a general meeting of the company,

(b) to a share of ten per cent or more in dividends declared and paid by the licensee, or

(c) to a share often per cent or more in any distribution of the surplus assets of the company; and "subsidiary company" has the meaning provided in-the Companies Code; "unlicensed insurance business" means insurance business carried on by an insurer in the country who does not have a licence authorizing it to carry on that kind of insurance business and who has not been suspended.