1. Insurance business and services shall be divided into the following two types: a. Insurance of Persons and fund accumulation operations; and b. Property and liability insurance. 2. The resolutions, regulations and instructions issued by the Board of Directors shall determine the insurance business and services that fall under each insurance type. 3. The purpose of the operations of Insurance Companies shall be to conduct insurance business. Insurance Companies shall not engage in any commercial activities other than insurance business, unless approved by the Central Bank. 4. The provisions of this Section shall be applicable to Reinsurance Companies to the extent commensurate to their nature, as determined by the Central Bank.
Interpretation and application must be checked against the official text and current version.