Section 470 | Interests in rights under a policy or contract for section 469

(1)This section sets out the circumstances in which a person has a material interest in the rights under a policy or contract for the purposes of section 469.

(2)An individual has such an interest if—

(a)the individual beneficially owns a share in the rights,

(b)a share in them is held on non-charitable trusts which the individual created, or

(c)a share in them is held as security for the individual's debt.

(3)A company has such an interest if—

(a)the company beneficially owns a share in the rights,

(b)a share in them is held on non-charitable trusts which the company created, or

(c)a share in them is held as security for the company's debt.

(4)Personal representatives have such an interest if they hold a share in the rights.

(5)Trustees of a charitable trust have such an interest if a share in the rights—

(a)is held by them, or

(b)is held as security for a debt owed by them.

(6)Trustees of a non-charitable trust have such an interest if—

(a)a share in the rights is held by the trustees and one of the absent settlor conditions specified in section 467(4) is met,

(b)a share in the rights is held by them, none of those conditions is met and no individual, company or personal representatives have an interest in the share, or

(c)a share in them is held as security for a debt owed by the trustees.

(7)A foreign institution has such an interest if—

(a)the institution beneficially owns a share in the rights,

(b)the rights are held for the institution's purposes, or

(c)a share in them is held as security for the institution's debt.