Section 2 in The Insurance Regulatory And Development Authority (Actuarial Report And Abstract) Regulations, 2000
2. Definitions
.-(1) In these regulations, unless the context otherwise requires,-(a)"Act" means the Insurance Act, 1938 (4 of 1938);(b)"Authority" means the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);(c)"extra premium" means a charge for any risk not provided for in the minimum contract premium;(d)"group business" means those insurance contracts which are group policies as mentioned under sub-section (2) of section 4 of the Act;(e)"guarantees" means the terms in regard to benefits or premiums or charges, which may not be altered during the currency of the policy;(f)"individual business" means individual insurance contracts issued on single/joint lives;(g)"inter valuation period" means, as respects any valuation, the period to the valuation date of that valuation from the valuation date of the preceding valuation in connection with which an abstract was prepared under the Act or under the enactments repealed by the Act, or, in a case where no such valuation has been made in respect of the class of business in question, from the date on which the insurer began to carry on that class of business;(h)"maturity date" means a fixed date on which benefit may become payable either absolutely or contingently;(i)"non-par policies" or "policies without participation in profits" means policies which are not entitled for any share in surplus (profits) during the terms of the policy;(j)"office yearly premium" means regular premium (excluding extra premiums which are required to be shown separately) payable by the policy-holder to secure the basic benefits under the policy in a policy year;(k)"options" means the rights available to a policy-holder under a policy;(l)"par policies" or "policies with participation in profits" means policies which are not non-par policies as defined under clause (i);(m)"policies with deferred participation in profits" means policies entitled for participation in profits after a certain period from the date of commencement of the policy;(n)"premium term" means the period during which premiums are payable;(o)"riders" or "rider benefits" means add-on benefits, which are in addition to basic benefits under a policy;(p)"valuation date" means as respects any valuation the date as at which the valuation is made;(q)all words and expressions used herein and not defined but defined in the Insurance Act, 1938 (4 of 1938), or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or in any rules or regulations made thereunder shall have the meanings respectively assigned to them in those Acts or rules or regulations.
