PART 1GENERAL

Citation, commencement and interpretation1

1

This Order may be cited as the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003.

2

Articles 22 to 27 of this Order come into force on 1st January 2004.

3

The other provisions of this Order come into force—

a

in so far as they relate to contracts of long-term care insurance, on 31st October 2004;

b

for all other purposes, on 14th January 2005.

4

In this Order—

  • “the Act” means the Financial Services and Markets Act 2000;

  • “contract of long-term care insurance” means a contract of insurance (within the meaning of the principal Order) in respect of which the following conditions are met—

    1. a

      the purpose (or one of the purposes) of the policy is to protect the policyholder against the risk of becoming unable to live independently without assistance in consequence of a deterioration of mental or physical health, injury, sickness or other infirmity;

    2. b

      benefits under the contract are payable in respect of—

      1. i

        services,

      2. ii

        accommodation, or

      3. iii

        goods,

      which are (or which is) necessary or desirable due to a deterioration of mental or physical health, injury, sickness or other infirmity;

    3. c

      the contract is expressed to be in effect until the death of the policyholder (except that the contract may give the policyholder the option to surrender the policy); and

    4. d

      the benefits under the contract are capable of being paid throughout the life of the policyholder;

  • “the principal Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 20012.