IPTM2092 - Form of the statement

Insurers may choose to accept telephone or internet statements in place of traditional written statements. This will be at the discretion of each insurer.

Where the statement is not made in writing, Regulation 4 of SI 2013/1820 – Life Insurance Qualifying Policies (Statement and Reporting Requirements) Regulations 2013 requires that:

a. the insurer must make a written record of the information given in the statement within 3 business days;

b. the insurer must send a copy of the written record to the beneficiary within 20 business days of making it; and

c. the beneficiary must notify the insurer of any errors in the written record within 30 days of receiving it, and the insurer must amend the statement accordingly.

Required Information

When making a statement, Regulation 2 of SI 2013/1820 requires that the following information is provided in respect of each beneficiary:

  • Full name.
  • Date of birth.
  • Address including postcode.
  • National insurance number (NINO), if any.
  • Whether the beneficiary is a beneficiary under another qualifying policy issued on or after 6 April 2013 or before that date where a premium limit event has occurred.
  • A statement that the individual is not in breach of the annual premium limit of £3,600, or if the limit has been breached that they are entitled to restricted relief.
  • Whether the event giving rise to the statement is a variation of premiums and/or term, as described in IPTM2073, relating to a protected policy issued and maintained solely to repay the principal on an interest only mortgage.
  • The date the statement is made.
  • Confirmation that the statement is correct and complete to the best of the individual’s knowledge and belief.
  • Where the beneficiary is not the sole beneficiary their proportionate share of the rights under the policy.

Where policies have been varied the following additional information will be required:

  • The date of the variation.
  • If there has been a change to the period over which premiums are payable, whether the period has reduced or increased.

Where policies have been assigned, and the assignment is an excluded assignment (and a statement is required), the following additional information will be required:

  • The date of the assignment.
  • If the policy was issued on or after 6 April 2013, the name and address of the previous beneficiary.