# Policyholders Protection Act 1975 (repealed), Section 10: Long term policies.

Extent: E+W+S+N.I.

(1) In this Act “long term policy” means any policy evidencing a contract the effecting of which constituted the carrying on of long term business. . . , not being a contract of reinsurance.
(2) 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.

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Source: https://www.legislation.gov.uk/ukpga/1975/75/section/10 (the official version)
Page: https://openlegislation.uk/policyholders-protection-act-1975-repealed/section-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.