Minimum allocation requirements for unit linked insurance policies must be maintained throughout the policy term when certain exemptions do not apply. Amendment recognises unit linked insurance policies excluded from the life insurance exemption because specified provisos apply, and inserts a proviso requiring that the statutory minimum allocation percentages for such schemes be satisfied throughout the term of the insurance policy, imposing a continuity obligation on allocation levels for the duration of the policy.
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Provisions expressly mentioned in the judgment/order text.
Minimum allocation requirements for unit linked insurance policies must be maintained throughout the policy term when certain exemptions do not apply.
Amendment recognises unit linked insurance policies excluded from the life insurance exemption because specified provisos apply, and inserts a proviso requiring that the statutory minimum allocation percentages for such schemes be satisfied throughout the term of the insurance policy, imposing a continuity obligation on allocation levels for the duration of the policy.
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