Practice question
A company engages in reinsurance business specifically recognized as insurance business under the Code. It says that because its customers are insurers, Section2(b) necessarily excludes it. Which is correct?
- The definition expressly includes reinsurance business of that kind
- Reinsurance can never be insurance business
- Only retail life policies are included
- The customer identity conclusively exempts the company
- Reinsurance is regulated only if called a lottery
Legal references
- Insurance Code as amended RA10607: https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html Sections2(b),3 and5–9.
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