560Introduction to ChapterU.K.
(1)This Chapter makes provision about investment life insurance contracts to which relevant companies are party.
(2)See, in particular—
(a)sections 562 to 565 (which make provision about treating the contracts as creditor relationships in relation to those companies for the purposes of Part 5), and
(b)sections 566 to 569 (which make provision for cases where the relevant company was a party to the contract before the beginning of the company's first accounting period beginning on or after 1 April 2008).
(3)In this Chapter “relevant company” means a company which is not a life insurance company.
(4)In subsection (3) “life insurance company” means—
(a)an insurance company (as defined in [F1section 65 of FA 2012]) which carries on long-term business (as defined in [F1section 63 of that Act]), or
(b)a friendly society which would be such an insurance company [F2if subsection (3)(a) were omitted from section 65 of that Act.]
(5)For the meaning of “investment life insurance contract”, see section 561.
Textual Amendments
F1Words in s. 560(4)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 164(a)
F2Words in s. 560(4)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 164(b)