SCHEDULES

SCHEDULE 2 Section 2: consequential amendments

7

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.