111(1)A policy of life insurance issued in respect of an insurance made before 17th March 1998 is only a “foreign policy of life insurance” for the purposes of Chapter 9 of Part 4 if—U.K.
(a)it falls within paragraph (a) of the definition of that expression in section 476(3), and
(b)it is not excluded by paragraph 103 (certain pre-18th November 1983 policies not foreign policies of life insurance).
(2)For the purposes of sub-paragraph (1), a policy issued in respect of an insurance made before 17th March 1998 is treated as issued in respect of one made on or after that date if it is varied on or after that date so as—
(a)to increase the benefits secured, or
(b)to extend the term of the insurance.
(3)Any exercise of rights conferred by a policy counts as its variation for the purposes of sub-paragraph (2).