§ Mr. MorganTo ask the Chancellor of the Exchequer which regulatory organisation controls the sale, in sterling, of United Kingdom insurance policies to(a) United Kingdom citizens located overseas and (b) those serving in British armed forces overseas where the claims are processed in the United Kingdom.
§ Mr. Nelson[holding answer 24 May 1993]: In general, any direct controls on the sale of insurance policies are likely to be the responsibility of the authorities in the country where the policy is sold. However, the rules of the Life Assurance and Unit Trust Regulatory Organisation apply in certain circumstances to the sale to United Kingdom citizens—including armed forces personnel—located overseas, of investment-based life insurance policies by life offices based in the United Kingdom.