Value of policiesN.I.
34.—(1) Where, for the purposes of this Order, the value of a policy[F1 of industrial assurance] (including an illegal policy and a policy beyond the legal powers of a collecting society or industrial assurance company[F1 or the person who effected it]) has to be ascertained, the value of the policy shall be calculated in accordance with the rules set out in Schedule 6.
(2) The surrender value of such a policy shall be an amount equal to 75 per cent. of the value of the policy so calculated.
F1SI 2001/3647