"microinsurance business"
means insurance business—
(a) |
conducted in respect of any of the following classes and sub-classes of insurance business set out in Schedule 2— |
(i) |
life insurance business, classes 1, 3, 4 or 9; and |
(ii) |
non-life insurance business, in the sub-class personal lines in— |
(aa) |
classes 1, 2, 3, 9, 11, 14 or 17; and |
(bb) |
class 10, but only to the extent that the insurance obligations directly relate to the classes referred to in item (aa); and |
(b) |
in the case of life insurance business and class 14 referred to in paragraph (a)(ii)(aa), in respect of which the aggregate value of the insurance obligations relating to each life insured under an insurance policy does not exceed the maximum amounts prescribed; and |
(c) |
in the case of non-life insurance business other than class 14 referred to in paragraph (a)(ii)(aa), in respect of which the aggregate value of the insurance obligations under an insurance policy does not exceed the maximum amounts prescribed; and |
(d) |
in respect of which the aggregate value of the insurance obligations under all insurance policies issued by the same insurer to the same policyholder does not exceed the maximum amounts prescribed under paragraphs (b) and (c); |