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HMRC internal manual

VAT Insurance

Types of insurance: classes of insurance

The main classes of insurance are specified in Schedule 1 Parts 1 and 2 to The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 544/2001). Part 1 covers classes of long-term insurance, such as life and permanent health insurance and Part 2 covers general insurance, such as accident and liability insurance. Regulatory requirements can differ depending upon the class of insurance covered and some insurers may be authorised to provide some classes of insurance and not others.