SCHEDULES
SCHEDULE 2 Section 2: consequential amendments
7
1
Section 12 shall be amended as follows.
2
In subsection (1)—
a
at the beginning there shall be inserted “
Subject to subsection (1A) below,
”
, and
b
for “was a United Kingdom policy at the beginning of the liquidation” there shall be substituted “
is a qualifying policy
”
.
3
After that subsection there shall be inserted—
1A
The duty of the Board under subsection (1) above shall not apply if the policy does not relate to a protected commitment.