The Life Insurance Qualifying Policies (Statement and Reporting Requirements) Regulations 2013

Statement by beneficiary

2.—(1) In relation to a statement made under paragraph B3(2) of Schedule 15, the prescribed matters are set out in paragraphs (2) to (6).

(2) The following information must be given in the statement in all cases—

(a) the beneficiary’s full name;

(b) the beneficiary’s date of birth;

(c) the beneficiary’s address including postcode;

(d) the beneficiary’s National Insurance number (if any);

(e) whether the beneficiary is a beneficiary under any other qualifying policy—

(i) issued on or after 6 April 2013, or

(ii) issued before that date but in relation to which a premium limit event has occurred;

(f) a statement that the beneficiary is—

(i) not in breach of the premium limit for qualifying policies at the date the statement is made; or

(ii) in breach of the premium limit for qualifying policies at the date the statement is made but the policy in respect of which the statement is made is a restricted relief qualifying policy;

(g) whether the event giving rise to the statement is an event within paragraph B3(1)(d) of Schedule 15 (protected policies within paragraph A2(12) of Schedule 15 - endowment policies);

(h) the date the statement is made; and

(i) confirmation that the statement is correct and complete to the best of the beneficiary’s knowledge and belief.

(3) Where the beneficiary is not the sole beneficiary under the policy in respect of which the statement is made, the statement must include details of the beneficiary’s proportionate share of the rights under the policy.

(4) Where there has been a variation of a policy within paragraph B3(1)(b) or (c) of Schedule 15, the statement must also include the following information—

(a) the date of the variation; and

(b) details of any variation in relation to the period over which premiums are payable under the policy.

(5) Where there has been an assignment within paragraph B3(1)(e) of Schedule 15, the statement must also include the following information —

(a) the date of the assignment; and

(b) if the policy was issued on or after 6 April 2013, the name and address of the previous beneficiary.

(6) For the purpose of paragraph (2)(f), whether a beneficiary is in breach of the premium limit for qualifying policies is determined in accordance with paragraph A3(1) of Schedule 15.