29.—(1) Subject to sub-paragraph (2), any payment received under an insurance policy taken out to insure against the risk of being unable to maintain repayments –
(a)on a loan which is secured on the dwelling which the relevant person occupies as his home; or
(b)under a regulated agreement as defined for the purposes of the Consumer Credit Act 1974(1) or under a hire-purchase agreement or a conditional sale agreement as defined in section 5 of the Consumer Protection Act (Northern Ireland) 1965(2).
(2) A payment referred to in sub-paragraph (1) shall only be disregarded to the extent that the payment received under that policy does not exceed the amounts, calculated on a weekly basis, which are used to –
(a)maintain the repayments referred to in sub-paragraph (l)(a) or, as the case may be, (b); and
(b)meet any amount due by way of premiums on –
(i)that policy; or
(ii)in a case to which sub-paragraph (l)(a) applies, an insurance policy taken out to insure against loss or damage to any building or part of a building which is occupied by the relevant person as his home and which is required as a condition of the loan referred to in sub-paragraph (l)(a).
1965 c. 14 (N.I.); section 5 was amended by section 66(4) of, and Schedule 6 to, the Hire Purchase Act (Northern Ireland) 1966 (c. 42 (N.I.)) and by paragraph 46 of Schedule 4 to the Consumer Credit Act 1974 (c. 39)