Paragraph 7

United Kingdom

(1)

Section 12 shall be amended as follows.

(2)

In subsection (1)—

(a)

at the beginning there shall be inserted “ Subject to subsection (1A) below, ”, and

(b)

for “was a United Kingdom policy at the beginning of the liquidation” there shall be substituted “ is a qualifying policy ”.

(3)

After that subsection there shall be inserted—

“(1A)
The duty of the Board under subsection (1) above shall not apply if the policy does not relate to a protected commitment.”

Notes on the whole Act