Holloway policy special application conditions

22conditions that will be met by a firm where:

1. (a) in the case of a firm which underwrites Holloway sickness policies:
   1. (i) all of the Holloway sickness policies of a particular type30 underwritten by the firm show a projected maturity value of not more than 20% of accumulated premiums at the mid-rate projection in the key features illustrations prepared for the purposes of COBS 13.1.1 R (2); except that no more than 5% of the relevant30 Holloway sickness policies underwritten by the firm may show a projected maturity value of between 20% and 25% of accumulated premiums at the mid-rate projection in the key features illustrations prepared for the purposes of COBS 13.1.1 R (2);30
   1. (ii) the firm conducts a regular assessment to determine whether the relevant30 Holloway sickness policies meet the conditions in (i) and, if such an assessment indicates that the conditions in (i) may no longer be met, takes any steps necessary to ensure that the relevant30 Holloway sickness policies will meet the conditions in (i) within three months of the relevant assessment having been carried out; and30
   1. (iii) the assessment in (ii) is carried out at least annually and on a more frequent basis if a change is made to the projection rates or pricing of the relevant Holloway sickness policies;
1. (b) in the case of an intermediary who makes a personal recommendation to a retail client in relation to a Holloway sickness policy, the intermediary has received a written notification from the firm which underwrites the policy confirming that the conditions in (a) have been met.