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Chapter
I
Title and Definition |
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1. This Law shall be called the Myanma Insurance Law.
2. The following expressions contained in this Law shall have
the meanings given hereunder :-
(a) Myanma Insurance means the Myanma
Insurance established under this Law ;
(b) Insurance Business means the insurance
business mentioned in section 11;
(c) Life Assurance means the undertaking
of liability to pay a valid claim under a Life Assurance policy;
(d) General Insurance means the undertaking
of liability to pay admissible claims under policies relating
to all
classes of insurance other than Life Assurance;
(e) Re-insurance means the cession by
a primary insurer of the whole or part of liabilities undertaken
by
it to another
insurer;
(f) Ministry means the Ministry of Finance
and Revenue;
(g) Board of Directors means the Board
of Directors of the Myanma Insurance. |
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