ANNEX III
INSURANCE

INTRODUCTION

1. There are two main types of insurance: social insurance and other insurance.

Social insurance may be subdivided into

  1. social security schemes of government,
  2. private funded social insurance schemes, and
  3. unfunded social insurance schemes operated by employers.

Other insurance may be subdivided into

  1. other life insurance, and
  2. other non-life insurance.

Reinsurance and insurance auxiliaries are treated in separate sections of this annex. These topics relate mainly to other insurance, but they may also relate to social insurance.