SCHEDULES

C1C2SCHEDULE 15 QUALIFYING POLICIES

Annotations:
Modifications etc. (not altering text)

PART I QUALIFYING CONDITIONS

Special types of policy

(i)Friendly Society policies

4

1

The provisions of this paragraph have effect notwithstanding anything in paragraph 3 above.

2

In determining whether a policy—

a

which affords provision for sickness or other infirmity (whether bodily or mental), and

b

which also affords assurance for a gross sum independent of sickness or other infirmity, and

c

under which not less than 60 per cent. of the amount of the premiums is attributable to the provision referred to in paragraph (a) above,

is a qualifying policy, the conditions referred to in paragraph 3(1)(b) above shall be deemed to be fulfilled with respect to it.

3

A policy shall cease to be a qualifying policy—

a

if it falls within sub-paragraph (1) of paragraph 3 above and there is such a variation of its terms that any of the conditions referred to in that sub-paragraph ceases to be fulfilled; or

b

if—

F1i

it was effected in the course of F2the business of effecting or carrying out contracts of insurance which fall within paragraph 1 of Part I or paragraph VI of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001,

ii

it was issued by F3a society other than an old society, and

iii

the rights conferred by it are surrendered in whole or in part.