(1) Regulation 1(2) of the principal Regulations is amended as follows.
(2) In the definitions of "buy", "sell" etc., for "contract of general insurance" [The words "contract of general insurance" were inserted by S.I. 2003/1476, art. 14(2).] substitute "qualifying contract of insurance".
(3) Immediately before the definition of "other counterparties", insert -
""contract of long-term care insurance" means a contract of insurance in respect of which the following conditions are met -
(a) the purpose (or one of the purposes) of the policy is to protect the policyholder against the risk of becoming unable to live independently without assistance in consequence of a deterioration of mental or physical health, injury, sickness or other infirmity;
(b) benefits under the contract are payable in respect of -
(i) services,
(ii) accommodation, or
(iii) goods,
which are (or which is) necessary or desirable due to a deterioration of mental or physical health, injury, sickness or other infirmity;
…