With the onset of the Mental Capacity Act (“MCA”) coming into effect on 1st March 2010, the Insurance (Nomination of Beneficiaries) Regulations 2009 (“the Regulations”) will be amended with two changes:
- The Regulations will be amended to provide for insurance nominations and revocations to be made by the court on behalf of a mentally incapacitated policy owner.
- The Regulations will also be amended to provide for trustees who are not natural persons (i.e. trust companies) to be named in the statutory forms.
The Special Needs Trust Company (“SNTC”) was set up in October 2009. This is a nonprofit organization that provides trust services for families with disabled children. Now, policy owners may wish to use the amended forms to appoint SNTC as a trustee.