In this Part, the expression—
(a) “annuitant” means an individual to whom, under an annuity contract, any annuity for life is agreed to be paid or provided;
(b) “annuity contract” means a contract between an individual and a person authorised to carry on in Saint Lucia the business of granting annuities on human life under the terms of which an annuity for life is agreed to be paid or provided;
(c) “individual” means an employee or person who is in receipt of income derived from a business carried on by him or her as an individual, or in the case of a partnership, as a partner personally acting therein;
(d) “maturity” means the date fixed under an annuity contract for the commencement of any annuity, the payment of which is provided for by the contract;
(e) “premium” means any periodic amount paid or payable as consideration under an annuity contract; and
(f) “retirement age” has the same meaning as given in section 63(4)(a)(i) of the principal Act.
(Inserted by Act 12 of 1999)