[Part 2 Policyholder Surrender Rights]
Financial Services and Markets Act 2000 (2000 c 8) | Legislation

[Part 2 Policyholder Surrender Rights]

[Restriction on policyholder surrender rights

3

(1)     Where this Schedule applies in relation to an insurer, the total value of a policyholder's rights under a relevant contract of insurance which the policyholder may surrender in a relevant period must not exceed the surrender limit for that period.

(2)     For these purposes—

“relevant contract of insurance†means a contract of long-term insurance which is not a contract in respect of which the following conditions are met—

(a)     the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;

(b)     the contract has no surrender value,

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