Section 10 Long term policies.C1
United Kingdom
In this Act “long term policy” means any policy evidencing a contract the effecting of which constituted the carrying on of long term business. . . F1, not being a contract of reinsurance.
Subject to sections 13 and 14 below, it shall be the duty of the Board to secure that a sum equal to ninety per cent. of the amount of any liability of a company in liquidation towards any policyholder under the terms of a long term policy which was a United Kingdom policy at the beginning of the liquidation is paid to the policyholder as soon as reasonably practicable after the beginning of the liquidation.
Annotations
Textual amendments
- F1
Words repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I
Modifications
- C1
S. 10 modified (24.9.1996) by 1996 c. 48, ss. 4(1)-(3), 8(3)
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(a)
Act continued for certain purposes (subject to modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9, 11, Sch. 1 Pt. I; S.I. 2001/3538, art. 1(2)
Notes on Duties of the Board in case of companies and friendly societies in liquidation
Textual amendments
- F1
Words in cross heading preceding s. 5 inserted (prosp.) by Friendly Societies Act 1992 (c. 40), ss. 97, 126(2), Sch. 17 para. 4 (with ss. 7(5), 93(4))