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Status: You are viewing the version of the handbook as on 2009-03-31.

COBS 21.1 Application

COBS 21.1.1RRP

1The rules in this section apply on an ongoing basis to linked long-term contracts that are effected by:

  1. (1)

    insurers other than EEA insurers; and

  2. (2)

    EEA insurers in the United Kingdom.

COBS 21.1.2R

The rules in this section do not apply to:

  1. (1)

    contracts that were effected before 1 July 1994, and under which linked benefits were permitted to be determined before that date;

  2. (2)

    contracts effected by an insurer that are linked long-term contracts only because the policyholder is eligible to participate in any established surplus;

  3. (3)

    contracts effected by an EEA insurer that are linked long-term contracts only because the policyholder is eligible to participate in an excess of assets representing the whole or a particular part of the long-term insurance fund over the liabilities, or a particular part of the liabilities, of the insurer as determined by the law of the EEA state in which the head office of the insurer is situated;

  4. (4)

    [deleted]2

    2
  5. (5)

    contracts effected before 30 June 1995, to the extent that they provide for benefits to be determined by reference to a collective investment scheme that was a listed security immediately before 1 July 1994; and

  6. (6)

    contracts linked to permitted units that were effected before 1 February 1992, except to the extent that they relate to acts or omissions on or after that date.