“Insurance business” means the assumption of obligations by an insurance company to pay a certain sum on the happening of a particular event and includes:

1. re-insurance; and
2. the receipt of proposals for or the issuing of policies in Saint Christopher and Nevis and the collection or receipt in Saint Christopher and Nevis of premiums on policies issued in Saint Christopher and Nevis, excluding-
   1. the collection or receipt in Saint Christopher and Nevis of premiums under a policy issued outside of Saint Christopher and Nevis to a person resident outside Saint Christopher and Nevis at the date of issue of the policy and who is temporarily resident in Saint Christopher and Nevis; and
   2. the making of payment due under a policy