Projet

A Financial Account that otherwise satisfies the requirement of subparagraph

C(17)(b)(iv) will not fail to satisfy such requirement solely because such Financial Account may receive assets or funds transferred from one or more Financial Accounts that meet the requirements of subparagraph C(17)(a) or (b) or from one or more

retirement or pension funds that meet the requirements of any of subparagraphs B(5) to (7).

(c) a life insurance contract with a coverage period that will end before the insured

individual attains age 90, provided that the contract satisfies the following requirements:

(i) periodic premiums, which do not decrease over time, are payable at least annually

during the period the contract is in existence or until the insured attains age 90, whichever is shorter;

(ii) the contract has no contract value that any person can access (by withdrawal, loan,

or otherwise) without terminating the contract;

(iii) the amount (other than a death benefit) payable upon cancellation or termination

of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract's existence and any amounts paid prior to the cancellation or termination of the contract; and

(iv) the contract is not held by a transferee for value.

AMP/EU/CH/en 73