Section 483 | Exclusion of credit union group life policies

(1)This Chapter does not apply to a credit union group life policy.

(2)In this section “credit union group life policy” means a group life policy with the sole object of providing, on the death or disability of any of the individuals insured under it, a sum substantially the same as any amount then outstanding under a loan made to that individual by a credit union.

(3)In this section “credit union” means a society registered as a credit union under—

(a)the Co-operative and Community Benefit Societies Act 2014, or^F1

(b)the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)).