Prospective
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.”