Finance Act 1982

35 Life assurance: qualifying policies and policies on the lives of children

(1) In paragraph 2A of Schedule 4 to the [1976 c. 40.] Finance Act 1976 (qualifying life policies: exclusion of accident policies)—

(a) in sub-paragraph (1), for the words " subsection (2)(a) of section 83 of the [1974 c. 49.] Insurance Companies Act 1974" there shall be substituted the words " Class I or Class III in Schedule 1 to the [1981 c. 31.] Insurance Companies Act 1981 "; and

(b) in sub-paragraph (2), for the words " falling within subsection (2)(b) of the said section 83 " there shall be substituted the words “which—

(a) are expressed to be in effect for a period of not less than five years or without limit of time; and

(b) either are not expressed to be terminable by the insurer before the expiration of five years from their taking effect or are expressed to be so terminable before the expiration of that period only in special circumstances therein mentioned”.

(2) In paragraph 11(3) of Schedule 4 to the Finance Act 1976 (maximum annual premium for policies on lives of children or grandchildren) for " £52 " there shall be substituted " £64 ".

(3) In section 30 of the [1980 c. 48.] Finance Act 1980 (certain policies not to be qualifying policies) in subsection (3) (definition of " policy " by reference to ordinary long-term insurance business) for the words "within the meaning of section 83(2) of the Insurance Companies Act 1974 " there shall be substituted the words " as defined in section 85(1) of the Insurance Companies Act 1974, as amended by Schedule 4 to the Insurance Companies Act 1981 ".

(4) This section applies to policies issued in respect of insurances made on or after 25th March 1982.