56Certification of contracts
(1)The Board shall certify a contract under this section if it satisfies the conditions set out in subsection (3) below; and the certification shall be expressed to take effect from the time the conditions are satisfied, and shall take effect accordingly.
(2)The Board shall revoke a certification of a contract under this section if it comes to their notice that the contract has ceased to satisfy the conditions set out in subsection (3) below; and the revocation shall be expressed to take effect from the time the conditions ceased to be satisfied, and shall take effect accordingly.
(3)The conditions referred to above are that—
(a)the contract either provides indemnity in respect of all or any of the costs of all or any of the treatments, medical services and other matters for the time being specified in regulations made by the Treasury, or in addition to providing indemnity of that description provides cash benefits falling within rules for the time being so specified,
(b)the contract does not confer any right other than such a right as is mentioned in paragraph (a) above or is for the time being specified in regulations made by the Treasury,
(c)the premium under the contract is in the Board’s opinion reasonable, and
(d)the contract satisfies such other requirements as are for the time being specified in regulations made by the Treasury.
(4)The certification of a contract by the Board under this section shall cease to have effect if the contract is varied; but this is without prejudice to the application of the preceding provisions of this section to the contract as varied.
(5)Where the Board refuse to certify a contract under this section, or they revoke a certification, an appeal may be made to the Special Commissioners by—
(a)the insurer, or
(b)any person who (if the policy were certified) would be entitled to relief under section 54 above.
(6)Where a contract is certified under this section, or a certification is revoked or otherwise ceases to have effect, any adjustments resulting from the certification or from its revocation or ceasing to have effect shall be made.
(7)Subsection (6) above applies where a certification or revocation takes place on appeal as it applies in the case of any other certification or revocation.
(8)In this section the reference to a premium, in relation to a contract of insurance, is to any amount payable under the contract to the insurer.