116(1)Sub-paragraph (2) applies to a policy if—U.K.
(a)it was issued in respect of an insurance made before 9th April 2003, and
(b)immediately before 6th April 2005, paragraph 4(1) (excepted group life policies: time for compliance with conditions in section 539A of ICTA) of Schedule 34 to FA 2003 applied to it.
(2)The policy is to be taken to have met the conditions referred to in section 480(3) (conditions to be met by an excepted group life policy) throughout the period mentioned in that paragraph.
(3)Sub-paragraphs (3) and (4) apply where immediately before 6th April 2005 paragraph 4(3) of Schedule 34 to FA 2003 applied to treat two policies as a single policy issued in respect of an insurance made at the time of the making of the insurance in respect of which the earlier of those policies was issued.
(4)Those policies are to be treated as a single policy so issued for the purposes of—
(a)Chapter 9 of Part 4,
(b)paragraph 90 of this Schedule, and
(c)this Part of this Schedule (and, in particular, sub-paragraph (2)).
(5)Sub-paragraph (2) applies to that single policy taking the reference to the period mentioned in paragraph 4(1) of Schedule 34 to FA 2003 as a reference to the period so mentioned as a result of the application of paragraph 4(3)(b) of that Schedule.