Section 63 | Meaning of “long-term business” and “PHI business”

(1)For the purposes of this Part “long-term business” means—

(a)life assurance business, or

(b)other business which consists of the effecting or carrying out of contracts of long-term insurance.

(2)For the purposes of this Part “PHI business” means the other business mentioned in subsection (1)(b).