Section 3: In this Decree, unless the context otherwise requires—

"insurer" means any person registered under the Insurance Act, 1971 to transact any class or subclass of insurance business. MADE and ISSUED this 12th day of May, 1993. CAPTAIN VALENTINE E. M. STRASSER Chairman, National Provisional Ruling Council. EXPLANATORY NOTE (This note does not form part of the Decree but is intended to explain its purpose). The purpose of this Decree is to provide for the liberalization of the insurance market by removing from the National Insurance Company Limited monopolistic advantages once accorded to the Company to create an indigenous insurance company. This Decree creates a level playing field for the insurance industry as a whole and will foster competition among insurers.