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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

pure protection contract

      1. (1) a 51 long-term insurance contract 51 in respect of which the following conditions are met:
        1. (a) the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;
        1. (b) 51[deleted]51
        1. (c) the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium; and
        1. (d) the contract makes no provision for its conversion or extension in a manner which would result in it ceasing to comply with 51(a)51 or (c); or
        1. (e) [deleted]35
      1. (2) a reinsurance contract covering all or part of a risk to which a person is exposed under a long-term insurance contract.35