GIM3100 - Regulatory framework: classes and groups of general insurance business
‘Contract of insuranceâ€� means any contract falling within Part 1 of Schedule 1 to the Regulated Activities Order (RAO). This lists 18 types of general insurance contract. »Ê¹ÚÌåÓýappse are the classes set out in Annex A to 73/239/EEC, the First Insurance Directive. »Ê¹ÚÌåÓýapp list is also to be found in IPRU(INS) in Part I of Annex 11.2 to Chapter 11 of Volume 1.
»Ê¹ÚÌåÓýapp 18 classes of general insurance contract are as follows:
- Accident
- Sickness
- Land vehicles
- Railway rolling stock
- Aircraft
- Ships
- Goods in transit
- Fire and natural forces
- Damage to property
- Motor vehicle liability
- Aircraft liability
- Liability of ships
- General liability
- Credit
- Suretyship
- Miscellaneous financial
- Legal expenses
- Assistance
»Ê¹ÚÌåÓýapp First Non-Life Directive also groups these classes into eight groups, for the purpose of granting authorisations for more than one class of insurance. »Ê¹ÚÌåÓýappse are listed in Part II of Annex 11.2 to Chapter 11 of Volume 1 of IPRU(INS). »Ê¹ÚÌåÓýappse eight groups are as follows:
| Number | Description | Nature of business |
|---|---|---|
| 1 | Accident and health | Classes 1 and 2 |
| 2 | Motor | Classes 1*, 3, 7, 10 |
| 3 | Marine and transport | Classes 1*, 4, 6, 7, 12 |
| 4 | Aviation | Class 1*, 5, 7, 11 |
| 5 | Fire and other property damage | Classes 8 and 9 |
| 6 | Liability | Classes 10, 11, 12, 13 |
| 7 | Credit and suretyship | Classes 14 and 15 |
| 8 | General | All classes |
*To the extent that the relevant risks are of the insured person being injured or dying, as the result of being a passenger.
»Ê¹ÚÌåÓýappse accounting classes and groups are used for the purposes of the FSA return (GIM3180).