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107(1)In the case of a policy issued in respect of an insurance made before 14th March 1989, section 485(2) and (3) (by virtue of which certain events are only chargeable events if the condition in paragraph (a) or (b) is met) have effect with the omission of paragraph (b) (company interest in the rights under the policy) and the word “or” preceding that paragraph.U.K.
(2)For this purpose a policy is treated as issued in respect of an insurance made on or after 14th March 1989 if it is varied on or after that date so as—
(a)to increase the benefits secured, or
(b)to extend the term of the insurance.
(3)Any exercise of rights conferred by a policy counts as its variation for the purposes of sub-paragraph (2).