Section 29(3)

As soon as the beneficiaries of the insurance policy are identified or designated, the relevant person must— if the beneficiary is a named person or legal arrangement, take the full name of the person or arrangement; or if the beneficiaries are designated by specified characteristics, as a class or in any other way, obtain sufficient information about the beneficiaries to satisfy itself that it will be able to establish the identity of the beneficiary before any payment is made under the insurance policy.

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Source: legislation.gov.uk · retrieved 2026-09-04