99 Insurance of lives of children under 10.U.K.
(1)Subject to the following provisions of this section, if—
(a)after this section comes into force a friendly society or registered branch [F1or an industrial assurance company] enters into a contract of insurance under which benefit in excess of £800 is payable on the death of any person; and
(b)that person dies under the age of 10,
the obligation of the society, branch or company as to payment of benefit is only to pay £800 (without prejudice to any person’s right to recover part of the premiums paid).
(2)Subsection (1) above does not apply where the benefit is payable to a person who has an interest in the life of the person on whose death it is payable.
(3)The [F2Treasury may] by order substitute some other sum for the sum for the time being specified in subsection (1) above.
F3(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F4(5)For the purposes of this section—
(a)“industrial assurance company" means a person, other than a friendly society, who immediately before the repeal of the Industrial Assurance Act 1923, carried on industrial assurance business, and after that repeal is subject to an existing liability or a liability which may accrue under any policy effected in the course of that business;
(b)“industrial assurance business" means business which, immediately before the repeal of the Industrial Assurance Act 1923, fell within section 1(2) of that Act.]
Textual Amendments
F1Words in s. 99(1)(a) repealed (17.8.2001 for specified purposes) by Financial Services and Markets Act 2000 (Mutual Societies) Order 2001 (S.I. 2001/2617), arts. 2(a), 8(1), 13(1), Sch. 3 para. 105(a), Sch. 4 (with art. 13(3), Sch. 5); however, S.I. 2001/2617, Sch. 3 para. 105(a) is revoked (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001 (S.I. 2001/3647), reg. 1, Sch. 3 para. 23 and the words omitted by that sub-paragraph are to be treated as if they had not been omitted
F2Words in s. 99(3) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 105(b) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F3S. 99(4) repealed (1.12.2001) by S.I. 2001/2617, arts. 2, 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F4S. 99(5) inserted (1.12.2001) by S.I. 2001/3647, art. 5, Sch. 3 para. 13
Modifications etc. (not altering text)
C1S. 99(3): Functions of Friendly Societies Commission transferred (1.12.2001) to the Treasury by S.I. 2001/2617, arts. 2(b), 4(1), Sch. 1 Pt. II (with art. 5)