Paragraph 123: The second selection condition
3652.This paragraph is based on regulation 3 of PPB(T)R. The second selection condition applies where a policy:
which does not meet the first selection condition; but
whose benefits have not in fact been determined by reference to an index or property outside the permitted categories;
is varied by the end of the first insurance year beginning on or after 6 April 1999 to eliminate from the determination of benefits any such index or property outside the permitted categories.
3653.In effect, the second selection condition provides a period of grace for a policy or contract to put itself into a comparable state to one meeting the first selection condition.
