Exclusion of policy and contract from section 442A10

There shall be excluded from the operation of section 442A—

a

any policy to which paragraph 10 of Schedule 1 to the Financial Services Act 198610 does not apply by reason of Note (1) to that paragraph; and

b

any annuity contract under which—

i

payment of the annuity is to commence not later than 12 months after the date of the contract, and

ii

no surrender value is capable of being produced.