LIC Service Rules

The conditions and service rules of LIC Group, which are amended from time-to-time.

The conditions and service rules of LIC Group outline what you are bound to as someone who has bought, received or come into possession of our products and services.

 Download a copy of the LIC Group Conditions and Service Rules

The Conditions and Service Rules for 2018/2019 were updated in July 2018 following share simplification.

The main changes were: 

  • Part A has been amended to reflect the change in LIC’s Share Standard which came into effect in July 2018.

  • Part A, clause 10: sets out the process by which LIC customers will become Ordinary Shareholders. 

  • Part A, clause 11: LIC may acquire Ordinary Shares on behalf of the customer (either by buying them on market or by issuing them to the customer) if the customer fails to meet their Shareholding Requirement by the Compliance Date.

  • Part A, clause 12: LIC may dispose of a customer’s Ordinary Shares in accordance with LIC’s Constitution.

  • Part A, clause 13: Provides definitions specific to LIC’s revised Share Standard, including definitions of the Minimum Purchases Amount, Qualifying Expenditure, Qualifying Products and Services and the Shareholding Requirement.

  • Part A, clause 15: Describes how dividends received on all nil paid Ordinary Shares any certain Ordinary Shares shall be used to pay up any nil paid Ordinary Shares.

  • Part B, clause 78(b): LIC is not authorised to provide financial advice relating to Ordinary Shares.