Paragraph 16

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)

Benefits payable under any contract to which regulation 43 applies shall not be determined by reference to—

(a)

property of any of the descriptions specified in paragraph 2, 5(b), 5(c) or 7 above if the value of such property is determined, either wholly or partly, by reference to the value of, or the income from, fluctuations in the value of property other than property of the descriptions in Part I of this Schedule;

(b)

property of the description in paragraph 2 above unless the securities are realisable in the short term without any diminution in value.