Regulation 3

the provision of any financial advisory service in connection with any life policy, other than a relevant life policy; or

the sale of any life policy, other than a relevant life policy, following the provision of any financial advisory service,except in accordance with paragraph (2), (3), (4) or (5).

the provision of a financial advisory service in connection with a relevant life policy; or

the sale of a relevant life policy following the provision of a financial advisory service,except in accordance with paragraph (2), (3), (4) or (6).

the recipient is a financial adviser who is exempt under section 20(1)(f), (g) or (h) of the Financial Advisers Act 2001 from holding a financial adviser’s licence; (b)the recipient is a representative of a financial adviser mentioned in sub-paragraph (a); or

the recipient is a supervisor of a financial adviser mentioned in sub-paragraph (a).

an accredited investor;

an expert investor; or

an institutional investor.

the number of contracts entered into for the sale of any life policy; or

the value of contracts entered into for the sale of any life policy.

is made pursuant to an agreement under which the recipient is entitled, for a continuous period of at least 12 months starting from the date on which the agreement becomes effective, to remuneration for the sale of life policies within any one category listed in the Schedule; (b)is made pursuant to an agreement for the sale of any type of life policies within 2 or more categories listed in the Schedule; or

is of a pure protection policy.

any of the following is satisfied:

the sale is made pursuant to an agreement under which the recipient is entitled, for a continuous period of at least 12 months starting from the date the agreement becomes effective, to the remuneration for the sale of life policies within any of the categories in the Schedule;

the sale is made pursuant to an agreement for the sale of any type of life policies within 2 or more categories listed in the Schedule;

the relevant life policy is a pure protection policy; and

where the remuneration consists of variable income, all the conditions in paragraph (7) or (8) (whichever is applicable) are satisfied.

the remuneration is monetary in nature;

the recipient’s entitlement to be paid the remuneration is dependent only on either or both of the following factors:

the issue of the relevant life policy by the licensed insurer concerned and the making of the first payment of premiums to the licensed insurer for that policy;

the making of the first payment of additional premiums in respect of the relevant life policy;

the remuneration is payable to the recipient —

over a period of at least 6 years starting from the date the relevant life policy is issued; or

over a period that covers at least the premium payment period of the relevant life policy, if the premium payment period is less than 6 years starting from the date the relevant life policy is issued;

the total remuneration payable to the recipient in respect of the sale of the relevant life policy, during the period of 12 months starting from the later of the following, does not exceed 55% of the total remuneration payable to the recipient in respect of the sale:

the date the relevant life policy is issued;

the date the premium payment period of the relevant life policy commences;

where additional premiums are payable under the relevant life policy, the remuneration in respect of those additional premiums is payable to the recipient —

over a period of at least 6 years starting from the date the first payment of the additional premiums is made to the licensed insurer; or

over a period that covers at least the period that the additional premiums are payable, if the second‑mentioned period is less than 6 years starting from the date the first payment of the additional premiums is made to the licensed insurer;

where additional premiums are payable under the relevant life policy, the total remuneration payable to the recipient in respect of those additional premiums, during the period of 12 months starting from the date the first payment of additional premiums is made to the licensed insurer, does not exceed 55% of the total remuneration payable to the recipient in respect of those additional premiums;

the remuneration is payable at least once every year in the period mentioned in sub‑paragraph (c) or (e) (whichever is applicable); and

where the relevant life policy is an investment‑linked policy and the net asset value of the underlying fund or funds of the policy is used to compute the total remuneration payable, an investment rate of return of 0% over the entire policy term is used.

the remuneration is monetary in nature;

the remuneration is in respect of a portfolio of relevant life policies and is payable to the recipient over a period of at least 5 years starting from the date the first payment of the remuneration (or any part of it) is made to the recipient;

the total remuneration in respect of the portfolio of relevant life policies that is payable to the recipient, during the period of 12 months starting from the date the first payment of the remuneration (or any part of it) is made to the recipient, does not exceed 55% of the total amount of the remuneration that is payable to the recipient in respect of the portfolio of relevant life policies;

the remuneration is payable at least once every year in the period mentioned in sub‑paragraph (b); and

where the relevant life policy is an investment‑linked policy and the net asset value of the underlying fund or funds of the policy is used to compute the total remuneration payable, an investment rate of return of 0% over the entire policy term is used.