Exclusion of policy and contract from section 442A
10. 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 1986(1) 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.
(1)