Paragraph 11

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.10, paras.1,2 substituted by Insurance Companies 1996 reg.13(2)(3)
Sch.10, para.15(1)(b) amended by Insurance Companies 1996 reg.13(4)
Sch.10, para.15A added by Insurance Companies 1996 reg.13(5)
Sch.10, para.16(a)(b) amended by Insurance Companies 1996 reg.13(6)(7)
Sch.10, para 5(b) substituted by Insurance Companies 1994 reg.15(2)
Sch.10, para 5(c) revoked by Insurance Companies 1994 reg.15(2)
Sch.10, para 14(a)(v) added by Insurance Companies 1994 reg.15(3)
Sch.10, para 14(b) substituted by Insurance Companies 1994 reg.15(4)
Sch.10, para 16(c)(d) added by Insurance Companies 1994 reg.15(6)
Sch.10 substituted by Insurance Companies 1995 reg.19, Sch.1
Sch. 10 para. 14(b) words substituted by Banking Consolidation Directive 2000 reg. 12(4)(e)
Sch. 10 para. 15 extended by Insurance Companies (Accounts and Statements) 1996 reg. 23(2)

Units, by whatever name called, in a real or notional fund (not being a scheme or undertaking of a kind mentioned in paragraph 5 above) which is limited to the descriptions of property mentioned above and which under the contract is to be managed either—

(a)

wholly by the insurer; or

(b)

wholly or to any extent by another person being a person for whose acts and omissions in managing the fund the insurer assumes responsibility towards the policy holder as if they were the acts or omissions of the insurer, and otherwise (if at all) by the insurer.