{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-19C/paragraph-3",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-19C/paragraph-3.json",
  "legislation": "ukpga/2000/8",
  "legislation_title": "Financial Services and Markets Act 2000",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000",
  "path": "schedule/19C/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": "Restriction on policyholder surrender rights",
  "text": "(1) Where this Schedule applies in relation to an insurer, the total value of a policyholder’s rights under a relevant contract of insurance which the policyholder may surrender in a relevant period must not exceed the surrender limit for that period.\n(2) For these purposes—\n“relevant contract of insurance” means a contract of long-term insurance which is not a contract in respect of which the following conditions are met—\n(a)the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;\n(b)the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium;\n(c)the contract makes no provision for its conversion or extension in a manner which would result in it ceasing to comply with either of the above conditions;\n“relevant period” means—\n(a)the period of 12 months beginning with the date on which the insurer entered into financial difficulties, and\n(b)each subsequent period of 12 months;\n“surrender limit”, in relation to a relevant contract of insurance and relevant period, is an amount equal to 5% of the total surrender value of the contract on the day on which the relevant period began.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 19C inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 13 para. 1(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/schedule/19C/paragraph/3",
    "retrieved_at": "2026-10-29T09:21:21.899993+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}