Section 157 | Transfers to friendly societies

(1)If at any time an insurance business transfer scheme transfers any long-term business to a friendly society, any BLAGAB or eligible PHI business which relates to contracts included in the transfer is subsequently not to be capable of being exempt BLAGAB or eligible PHI business for the purposes of this Part.

(2)This rule does not apply in relation to business relating to contracts to which section 158 applied immediately before the transfer had effect.