The classes of life insurance are as follows:
Class I — Life and annuity
(a) Contracts of insurance on human life or contracts to pay annuities on human life, but excluding, in each case, contracts within (c).
Class II — Marriage and birth
(b) Contracts of insurance to provide a sum on marriage or on the birth of a child, being contracts expressed to be in effect for a period of more than one year.
Class III — Linked long term
(c) Contracts of insurance on human life or contracts to pay annuities on human life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contracts) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).
Class IV — Permanent health
(d) Contracts of insurance providing specified benefits against risks of individuals becoming incapacitated in consequence of sustaining injury as a result of an accident or of an accident of a specified class or of sickness or infirmity, being contracts that:
(i) are expressed to be in effect for a period of not less than five years, or until the normal retirement age for the individuals concerned, or without limit of time; and
(ii) either are not expressed to be terminable by the Insurer, or are expressed to be so terminable only in special circumstances mentioned in the contract.
Class V — Tontines
Class VI — Capital redemption
(f) Contracts, other than contracts in (a) to provide a capital sum at the end of a term.
Class VII — Pension fund management
(i) pension fund management contracts; or
(ii) contracts of the kind mentioned in (i) that are combined with contracts of insurance covering either conservation of capital or payment of a minimum interest.