COBS 21.1 Application

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.

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.