means any arrangement under which a person, in return for provision being made for the rendering of a premium to that person, undertakes to meet insurance obligations—
| (a) | on the happening of a life event, health event, disability event or death event; or |
| (b) | on or from a fixed determinable date or at the request of the policyholder, but excludes— |
| (i) | a deposit with an institution authorised under the Banks Act, 1990 (Act No. 94 of 1990), the Mutual Banks Act, 1993 (Act No. 124 of 1993), or the Co-operative Banks Act, 2007 (Act No. 40 of 2007); and |
| (ii) | participatory interests in a collective investment scheme registered in terms of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002), |
and includes a renewal or variation of that arrangement;