Section 14 Insurance against claims: insurers paying capital sumsI1
(1)
Before paying a capital sum to a person as a result of a declaration under this Act, an insurer may require the person to take out an insurance policy in respect of any claim which the insurer may make in the event of a variation order being made.
(2)
The policy must be taken out—
(a)
in the person's own name, and
(b)
for the benefit of the insurer.
(3)
Subsection (1) does not apply where the sum is paid in respect of an annuity or other periodical payment.
(4)
In this section “insurer” means any person who provides for the payment of a benefit on a person's death.
Annotations
Commencement
- I1
S. 14 in force at 1.10.2014 by S.I. 2014/1810, art. 2