Restriction on policyholder surrender rights
(1) Where this Schedule applies in relation to an insurer, the total value of a policyholder's rights under a relevant contract of insurance which the policyholder may surrender in a relevant period must not exceed the surrender limit for that period.
(2) For these purposes -
"relevant contract of insurance" means a contract of long-term insurance which is not a contract in respect of which the following conditions are met -
(a) the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;
(b) the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium;
(c) the contract makes no provision for its conversion or extension in a manner which would result in it ceasing to comply with either of the above conditions;
(a) the period of 12 months beginning with the date
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