# The Insurance Companies Regulations 1994, Paragraph 16


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.

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Source: https://www.legislation.gov.uk/uksi/1994/1516/schedule/10/paragraph/16 (the official version)
Page: https://openlegislation.uk/insurance-companies-regulations-1994/schedule-10/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.