{
  "url": "https://openlegislation.uk/insurers-winding-up-rules-2001/schedule-2/paragraph-2",
  "json_url": "https://openlegislation.uk/insurers-winding-up-rules-2001/schedule-2/paragraph-2.json",
  "legislation": "uksi/2001/3635",
  "legislation_title": "The Insurers (Winding Up) Rules 2001",
  "legislation_url": "https://openlegislation.uk/insurers-winding-up-rules-2001",
  "path": "schedule/2/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": "Present value of the ordinary benefits",
  "text": "(1) Ordinary benefits are the benefits which will become payable to the policy holder on or after the liquidation date without his having to exercise any option under the policy (including any bonus or addition to the sum assured or the amount of annuity declared before the liquidation date) and for this purpose “option” includes a right to surrender the policy.\n(2) Subject to sub-paragraph (3), the present value of the ordinary benefits shall be the value at the liquidation date of the reversion in the ordinary benefits according to the contingency upon which those benefits are payable calculated on the basis of the rates of interest, mortality and disability referred to in paragraph 1.\n(3) For accumulating with profits policies—\n(a) where the benefits are not expressed in the form of units in a with-profits fund, the value of the ordinary benefits is the amount that would have been payable, excluding any discretionary additions, if the policyholder had been able to exercise a right to terminate the policy at the liquidation date; and\n(b) where the benefits are expressed in the form of units in a with-profits fund, the value of the ordinary benefits is the number of units held by the policy holder at the liquidation date valued at the unit price in force at that time or, if that price is not calculated on a daily basis, such price as the court may determine having regard to the last published unit price and any change in the value of assets attributable to the fund since the date of the last published unit price.\n(4) Where—\n(a) sub-paragraph (3) applies, and\n(b) paragraph 3(1) of Schedule 3 applies to the calculation of the unit price (or as the case may be) the fund value,\nthe value shall be adjusted on the basis set out in paragraph 3(3) to (5) of Schedule 3.\n(5) Where sub-paragraph (3) applies, the value may be further adjusted by reference to the value of the assets underlying the unit price (or as the case may be) the value of the fund, if the liquidator considers such an adjustment to be necessary.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/3635/schedule/2/paragraph/2",
    "retrieved_at": "2026-10-29T07:25:12.373421+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."
}