Common use of Contracts of Insurance Clause in Contracts

Contracts of Insurance. All contracts of insurance relating to the Pension Scheme are valid and enforceable and no circumstances exist which may enable the Insurers to avoid liability under them. All premiums due in respect of such policies have been paid. All insured lump sum and pension benefits (other than refunds of contributions) payable in the event of the death of a member in service are fully insured, with an insurance company authorized to carry on long-term insurance business under the Financial Services and Markets ▇▇▇ ▇▇▇▇ and no special terms including as to premiums in relation to that insurance have been imposed.