IPTM3630 - Chargeable events: personal
portfolio bonds: meaning: index selection
A policy or contract is not a personal portfolio bond merely
because its terms permit the selection of an index as described at
IPTM3610 if that index
- falls within the following categories -
index categories
- retail price index
- any general index which is similar to the retail
price index and is published by the government of any foreign state
or its agent
- any published index of prices of shares listed on
a recognised stock exchange,
and
- meets
either the general
or class index selection conditions
general condition: an index meets this condition
if, at the time when it may be selected, the opportunity to select
the same index is available to
- all policyholders of the insurer, or
- persons acting on behalf of the policyholders
class condition: an index meets this condition if,
at the time when it may be selected, the opportunity to select the
same index is available to
- a particular class or classes of policyholders of
the insurer, or
- persons acting on behalf of the members of that
class or those classes.
For this purpose a group of policyholders is a class if
- neither membership of the class nor the
opportunity is limited to connected persons
- the question whether a policyholder is a
member of the class, or has the opportunity, is determined solely
by the insurer
- the opportunity is clearly identified in
marketing or other promotional material published by the insurer to
members of the public, or members of the public who are intending
investors, as available generally to any person falling within its
terms.
More details at
IPTM7785.
