S.L. 403.8 чл. 3Linked long term contracts.

(1) Benefits payable under any contract to which this regulation applies shall not be determined, either wholly or partly, by reference to the value of, or the income from, or fluctuations in the value of, property of any description other than property of any of the descriptions specified in Part I of the Schedule which, where appropriate, comply with the provisions of paragraph 17 of the said Schedule.

(2) Benefits payable under any contract to which this regulation applies shall not be determined, whether directly or indirectly, either wholly or partly, by reference to fluctuations in any index of the value of property other than an index described in Part II of the Schedule.

(3) This regulation applies to long term contracts which are -

(a) contracts entered into by authorised companies or have been entered into by any such company at any time on or after the 1st October, 1998 and are still in force;

(b) contracts under which the benefits payable to the policyholder are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified); and

(c) not contracts specified in subregulation (4) as being contracts to which this regulation does not apply.

(4) The contracts referred to in subregulation (3)(c) to which this regulation does not apply are -

(a) contracts entered into before the coming into force of these regulations to the extent that they provide for benefits to be determined by reference to the value of, or the income from, property of any description or by reference to fluctuations in, or in an index of, property of any description, by reference to which benefits were permitted to be determined before the coming into force of these regulations;

(b) subject to subregulation (5), contracts to manage the investments of pension funds that are not combined with contracts of insurance covering either conservation of capital or payment of a minimum interest. I of the Schedule. PERMITTED LINKS