Assurance Companies. [Ch. 31. No. 19.

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(f) motor vehicle insurance business; that is to say,
the business of effecting contracts of insurance against
loss of, or damage to or arising out of or in connection
with the use of, motor vehicles including third party
risks ;

(g) aircraft insurance business; that is to say, the
business of effecting contracts of insurance for the
purpose of insuring owners or hirers of any aircraft
against loss of, or damage to or arising out of or in
connection with the use of, the aircraft, including
third party risks;

subject as respects any class of assurance business to the
special provisions of this Ordinance relating to business
of that class.

(2) For the purposes of paragraph (g) of subsection (1),
a person shall be deemed to be a hirer of an aircraft if, but
only if, the aircraft has been demised, Iet or hired out to
him for a period exceeding fourteen days by the owner of
the aircraft, and no pilot, commander, navigator or opera-
tive member of the crew of the aircraft is in the employment
of the owner.

(3) A company registered under the Companies
Ordinance which transacts assurance business of any such
class as aforesaid in any part of the world shall for the
purposes of this provision be deemed to be a company
transacting such business in the Colony.

(+) Save as otherwise expressly provided by this
Ordinance nothing in this Ordinance shall apply to
assurance business of any class other than one of the classes
specified in this section, and a policy shall not be deemed to
be a policy of fire insurance by reason only that loss by fire
is one of the various risks covered by the policy.

Deposits and funds.

4. (1) Every assurance company shall deposit and keep
deposited with the Accountant General a deposit of the
value of forty-eight thousand dollars: Provided that,
in the case of assurance companies carrying on assurance
business at the commencement of this Ordinance, the
deposit aforesaid may be made within one month after
such commencement.

Ord. 10-
1944, s. 2.

Deposit.