{
  "url": "https://openlegislation.uk/insurers-winding-up-rules-northern-ireland-2005/schedule-2/paragraph-3",
  "json_url": "https://openlegislation.uk/insurers-winding-up-rules-northern-ireland-2005/schedule-2/paragraph-3.json",
  "legislation": "nisr/2005/399",
  "legislation_title": "The Insurers (Winding-Up) Rules (Northern Ireland) 2005",
  "legislation_url": "https://openlegislation.uk/insurers-winding-up-rules-northern-ireland-2005",
  "path": "schedule/2/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": "Present value of additional benefits",
  "text": "(1) Where under the terms of the policy or on the basis of the company’s established practice the policy holder has a right to receive or an expectation of receiving benefits additional to the minimum benefits guaranteed under those terms, the High Court shall determine rates of interest, bonus (whether reversionary, terminal or any other type of bonus used by the company), mortality and disability to provide for the present value (if any) of that right or expectation.\n(2) In determining what (if any) value to attribute to any such expectations the High Court shall have regard to the premium payable in relation to the minimum guaranteed benefits and the amount (if any) an insurer is required to provide in respect of those expectations in any rules made by Financial Conduct Authority or the Prudential Regulation Authority under Part X of the 2000 Act.",
  "extent": "N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 2 para. 3(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 104(b)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 2 para. 3 in operation at 19.9.2005, see art. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/2005/399/schedule/2/paragraph/3",
    "retrieved_at": "2026-10-29T01:50:52.366407+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."
}