62 Section 57: meaning of “protection business”
Finance Act 2012 (2012 c 14) | Legislation

62  Section 57: meaning of “protection business”

(1)     This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “protection business”.

(2)     Life assurance business is “protection business” if it consists of the effecting or carrying out of any contract of long-term insurance in relation to which the following conditions are met—

(a)     the benefits payable cannot exceed the amount of premiums paid except on death or in respect of incapacity due to injury, sickness or other infirmity, and

(b)     the contract is made on

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