Duties of the Board in case of companies in liquidation
C110 Long term policies.
1
In this Act “long term policy” means any policy evidencing a contract the effecting of which constituted the carrying on of long term business. . . F1, not being a contract of reinsurance.
2
Subject to sections 13 and 14 below, it shall be the duty of the Board to secure that a sum equal to ninety per cent. of the amount of any liability of a company in liquidation towards any policyholder under the terms of a long term policy which was a United Kingdom policy at the beginning of the liquidation is paid to the policyholder as soon as reasonably practicable after the beginning of the liquidation.