Prospective
The M1Policyholders Protection Act 1975 shall have effect subject to the amendments in Schedule 17 to this Act, being amendments to extend that Act to contracts of insurance with friendly societies.]
Textual Amendments
F1Ss. 97, 98 shall cease to have effect (17.8.2001 for specified purposes and otherwiseprosp.) by virtue of S.I. 2001/2617, arts. 2(a), 8(1), 13(1), Sch. 3 para. 104 (with art. 13(3), Sch. 5) and repealed (prosp.) by S.I. 2001/2617, arts. 2(b), 13(2), Sch. 4 (with art. 13(3), Sch. 5)
Marginal Citations
The M3Policyholders Protection Act 1975 shall have effect subject to the amendments in Schedule 17 to this Act, being amendments to extend that Act to contracts of insurance with friendly societies.
Marginal Citations
The M2Financial Services Act 1986 shall have effect subject to the amendments in Schedule 18 to this Act, and in that Schedule—
(a)the amendments in Part I relate to the provisions of that Act other than Schedule 11; and
(b)the amendments in Part II relate to Schedule 11 to that Act (friendly societies).
Commencement Information
I1S. 98 partly in force; s. 98 not in force at Royal Assent see s. 126(2); s. 98 in force for certain purposes at 1.2.1993 by S.I. 1993/16, art. 2, Sch. 4; s. 98 in force to the extent specified at 28.4.1993 by S.I. 1993/1186, art. 2(2), Sch. 2; s. 98 in force to the extent specified at 1.1.1994 by S.I. 1993/2213, art. 2(1), Sch. 5; s. 98 in force to the extent specified at 1.1.1994 by S.I. 1993/3226, art. 2(1), Sch. 1
Marginal Citations
(1)Subject to the following provisions of this section, if—
(a)after this section comes into force a friendly society or registered branch or 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 Commission may, with the consent of the Treasury, by order substitute some other sum for the sum for the time being specified in subsection (1) above.
(4)In the application of this section to Northern Ireland the references to industrial assurance companies shall be omitted.
Schedule 19 to this Act (which contains amendments as relating to industrial assurance) shall have effect.
Commencement Information
I2S. 100 partly in force; s. 100 not in force at Royal Assent see s. 126(2); s. 100 in force to the extent specified at 13.1.1993 by S.I. 1993/16, art. 2, Sch. 2; s. 100 in force to the extent specified 1.2.1993 by S.I. 1993/16, art. 2, Schs. 3, 4; s. 100 in force to the extent specified at 28.4.1993 by S.I. 1993/1186, art. 2(2), Sch. 2; s. 100 in force to the extent specified at 13.9.1993 by S.I. 1993/2213, art. 2(1), Sch. 2; s. 100 in force to the extent specified at 1.1.1994 by S.I. 1993/2213, art. 2(1), Sch. 6; s. 100 in force to the extent specified at 1.1.1994 by S.I. 1993/3226, art. 2(1), Sch. 2
(1)The law applicable to a contract of insurance made by a friendly society the effecting of which constitutes general business and which covers risks situated in the United Kingdom or another member State shall be determined—
(a)in the case of a society to which section 37(3) above applies, in accordance with Part I of Schedule 20 to this Act; and
(b)in any other case, in accordance with that Part of that Schedule as modified by subsection (3) below.
(2)The law applicable to a contract of insurance made by a friendly society the effecting of which constitutes long term business and which covers commitments or risks situated in the United Kingdom or another member State shall be determined—
(a)in the case of a society to which section 37(2) above applies, in accordance with Part II of Schedule 20 to this Act; and
(b)in any other case, in accordance with Part I of that Schedule as modified by subsection (3) below.
(3)For the purposes of paragraph (b) of subsections (1) and (2) above, Part I of Schedule 20 to this Act shall be modified as follows—
(a)the words “or central administration", in each place where they occur, shall be omitted;
(b)in paragraph 5(1), for the words from “shall act" to the end there shall be substituted the words “shall apply the general rules of private international law of that part of the United Kingdom concerning contractual obligations"; and
(c)in paragraph 5(2), for the words “those provisions" there shall be substituted the words “those rules".
(4)The provisions of this section do not apply in relation to a contract of reinsurance.]
Textual Amendments
F2S. 101 substituted (1.1.1994) by S.I. 1993/2519, reg. 6(1)