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(a) Specialist companies- are those which underwrite one type of insurance business only, e.g. life companies, engineering insurance companies.

(b) Composite companies- are those which underwrite several types of business.

 

 

INDUSTRIAL LIFE INSURANCE

(HOME SERVICE INSURANCE)

These are proprietary companies transacting "industrial" life assurance and increasingly, "ordinary" life assurance as well. Their activities in industrial life assurance are controlled by the Industrial Assurance & Friendly Societies Acts. Premiums are collected weekly, fortnightly or monthly. Collectors are employed to call at the homes of the policyholders and new business is also transacted in this way.

Ordinary Branch life assurance premiums are collected quarterly, half-yearly or annually, or paid by Direct Debit monthly. If the premiums were physically collected more frequently than every two months the policies would be considered to be Industrial Life Assurance and subject to the appropriate laws.

 

 

COLLECTING FRIENDLY SOCIETIES

These societies are run on a mutual basis and are formed by registration under the Friendly Societies Acts. They transact industrial life assurance and, in some cases, personal accident and sickness cover.

Friendly societies can issue specially attractive life assurances subject to an overall premium limit of quite a low level; this premium limit does not apply to Industrial Life Assurance companies.

 

 

CAPTIVE INSURANCE COMPANIES

Captive insurance is a method of transacting risk transfer which has become more common in recent years among the large national and international industrial compahies. The parent company forms a subcidiary company to underwrite certain of its insurable and sometimes otherwise uninsurable risks.

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