Interpretation

In these Regulations“Act” means the Motor Vehicles Insurance (Third Party Risks) Act; “company” means an insurer as defined in section 2 of the Act; “owner” in relation to a vehicle which is the subject of a hiring agreement or hire purchase agreement means the person in possession of the vehicle under that agreement; “policy” means such policy of insurance in respect of third-party risks arising out of the use of motor vehicles as complies with the requirements of the Act and includes a single covering note issued for a period not exceeding ninety days in respect of any motor vehicle, but does not include any extension of a covering note or any subsequent covering note issued in respect of the same motor vehicle during any period of six consecutive months; “security” means such security in respect of third party risks arising out of the use of motor vehicles as complies with the requirements of the Act. 6