Glossary

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Term Definition Legal instruments

marine mutual

01/07/2016

THIS DEFINITION ONLY APPLIES TO THE INSURANCE COMPANY - REPORTING PART

means an insurer:

(1) whose insurance business is restricted to the insurance of its members or their associates against loss, damage, or liability arising out of marine adventures (including losses on inland waters or any risk incidental to any sea voyage); and

(2) whose articles of association, rules or bye laws provide for the calling of additional contributions from, or the reduction of benefits to, the majority of its members, in either case without limit, in order to ensure that the insurer has sufficient financial resources to meet any valid claims as they fall due.