s 424 Insurance.
(1) In this Act, references to— (a) contracts of insurance, (b) reinsurance, (c) contracts of long-term insurance, (d) contracts of general insurance, are to be read with section 22 and Schedule 2. (2) In this Act “ policy ” and “ policyholder ”, in relation to a contract of insurance, have such meaning as the Treasury may by order specify. (3) The law applicable to a contract of insurance, the effecting of which constitutes the carrying on of a regulated activity, is to be determined, if it is of a prescribed description, in accordance with regulations made by the Treasury.