PIN 5.2 PIN 5.2 Classification of insurance business
Insurermust, in its own records, classify all insurance contracts effected by it as Insurerand all reinsurance contracts entered into by it as cedant, according to the Class of Businessto which the contracts relate.
PIN 5.2.2 PIN 5.2.2
Where a contract relates to more than one
Class of Business, the Insurermust record separately the portions of the contract that relate to each Class of Business, except that immaterial portions need not be separately recorded.
PIN 5.2.2 Guidance1. The
Classes of Businessare set out in GEN App4.2. A portion of a Contract of Insurance, insuring a risk of a Class of Businessother than the principal Class of Businessto which the contract relates, will not normally be regarded as material if the interest that it insures is both related and subsidiary to the principal interest or interests insured under the contract, and constitutes less than ten per cent of the Gross Written Premiumunder the contract.